BRENT crude oil quotes end the trading week near the area of 72.49 dollars per barrel. And it continues to move within the framework of growth and the ascending channel. Moving averages indicate the presence of a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from buyers of raw materials and a potential continuation of the rise. At the moment, we should expect an attempt to develop a fall and test the support area near the level of 68.25. Then, a rebound and continued growth of oil in the area above the level of 88.55 dollars per barrel.
An additional signal in favor of the rise in oil prices this week will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the ascending channel. The cancellation of the option for the growth of quotations and prices for BRENT oil in the trading week of July 19-23, 2021 will be a fall and a breakdown of the level of 60.05. This will indicate a breakdown of the support area and the continuation of the fall of oil to the area below the level of 55.65. With the breakdown of the resistance area and the closing of quotes above the level of 80.05, we should expect confirmation of the growth of the price of BRENT oil.
BRENT Oil signal for the week of July 19-23, 2021
Thus, the forecast of BRENT oil for the week of July 19-23, 2021 suggests an attempt to test the support area near the level of 68.25. From where we should expect a rebound and an attempt to increase oil with a potential target at 88.55. An additional signal in favor of an oil price rise will be a trend line test on the relative strength indicator. The cancellation of the growth option will be a drop in the price and a breakdown of the 60.05 area. This will indicate a breakdown of the support area and the continuation of the decline in the oil price with a target below 55.65.