Current trend

As a result of weakening indices of world stock markets, the price of Brent Crude Oil renewed its June low and support level of 77.46.

Today NI 225 decreased by 28.50% relative to the high of July 10, S&P 500 — by 5.0%, and Nasdaq 100 — by 11.7%. If the negative dynamics continue, oil prices may reach 75.40 and 72.98, against which investors fear a reduction in demand for energy resources in the second half of the year.

The long-term trend is changing downwards. The price is testing the June low of 77.46, after which short positions, with the targets of 75.40 and 72.98 (December low), are relevant. If the situation in the stock markets stabilizes, the quotes may reverse at the support level of 77.46 and begin to grow to the resistance level of 80.99 and 84.84.

The medium-term trend remains downward. Last week, the asset tested the target zone 2 (79.18–78.72) and rose to 82.30 but then still overcame it and headed to zone 3 (74.51–74.05). The key resistance of the trend is shifting to ​​82.29–81.76. After reaching it, short positions, with the target at the low of the current week at 76.50, are relevant.

Support and resistance

Resistance levels: 80.99, 84.84, 86.59.

Support levels: 77.46, 75.40, 72.98.

Trading tips

Short positions may be opened from 80.99, with the target at 77.46 and stop loss 82.19. Implementation period: 9–12 days.

Long positions may be opened above 82.19, with the target at 84.84 and stop loss 80.99.