Quotes of BRENT oil complete the trading week near the area of 83.80 dollars per barrel. The asset continues to move within the framework of growth and the beginning of the development of the “Triangle” model. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of raw materials and a potential continuation of the decline already from current levels. At the moment, we should expect an attempt to develop a decline and test the support area near the level of 78.55. Then, it is worth considering a rebound upwards and the continuation of the growth of oil in the area above the level of 106.65 dollars per barrel.
BRENT Weekly Forecast July 31 — August 4, 2023
An additional signal in favor of rising oil prices this week will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the Triangle pattern. Cancellation of the option to raise quotes and prices for BRENT oil in the trading week July 31 — August 4, 2023 will be a fall and a breakdown of the level of 66.05. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 54.65. With the breakdown of the resistance area and the closing of quotes above the level of 91.65, we should expect confirmation of the rise in the price of BRENT oil, which will indicate a breakdown of the upper limit of the downward channel.
BRENT Weekly Forecast July 31 — August 4, 2023 suggests an attempt to test the support area near the level of 78.55. Where should we expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 106.65. An additional signal in favor of rising oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a price drop and a breakdown of the 66.05 area. This will indicate a breakdown of the support area and a continued fall in the price of oil with a target below the level of 54.65.
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