BRENT crude oil complete the trading week near the area of $ 62.96 per barrel. And continues to move in growth. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to continue the ascent and test the resistance area near the level of 63.75. Then the continuation of the fall of oil into the region below the level of 49.35 dollars per barrel.
BRENT oil Forecast and Analysis July 22 — 26, 2019
An additional signal in favor of reducing the quotations of oil this week will be the test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper boundary of the downward channel. The abolition of the option of falling prices and BRENT oil prices on the trading week of 22 — 26, 2019 will be a strong growth and a breakdown of the level of 69.05. This will indicate a breakdown of the upper boundary of the channel and the continuation of oil growth in the region above the level of 74.65. With the breakdown of the area of support and and closing of quotations below the level of 58.35, we should expect confirmation of a decline in the price of oil BRENT.
BRENT oil Forecast and Analysis July 22 — 26, 2019 implies an attempt to test the resistance area near the level of 63.75. Where can we expect a rebound and an attempt to drop oil with a potential target at 49.35. An additional signal in favor of reducing the price of oil will be a test of the trend line on the relative strength indicator. Cancellation of the fall option will be a strong growth and a breakdown of the 69.05 area. This will indicate a breakdown of the resistance level and a continuation of the rise in the price of oil with a target above 74.65.