BRENT crude oil close the trading week near the region of $ 63.59 per barrel. And it continues to move within the correction. Moving averages indicate a downward trend. At the moment, we should expect an attempt to continue the ascent and test the resistance area near the level of 64.85. Then the continuation of the fall of oil into the region below the level of 49.65 dollars per barrel.
BRENT oil Forecast and Analysis July 29 — August 2, 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. Cancellation of the option of falling prices and BRENT oil prices in the trading week of July 29 — August 2, 2019 will be a strong growth and a breakdown of the level of 69.75. 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 73.55. With the breakdown of the support area and and closing of quotations below the level of 57.45, we should expect confirmation of a decline in the price of oil BRENT.
BRENT oil Forecast and Analysis July 29 — August 2, 2019 implies an attempt to test the resistance area near the level of 64.85. Where can we expect a rebound and an attempt to drop oil with a potential target at 49.65. 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 the breakdown of the 69.75 area. This will indicate a breakdown of the resistance level and the continuation of raising the price of oil in order to above 73.55.
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