BRENT oil quotes are ending the trading week near the $70.49 per barrel area. The moving averages indicate a bearish trend. Prices have broken through the signal lines downwards, which indicates pressure from raw material sellers and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a bearish correction and test the support area near the level of 66.85. Then, we should consider an upward rebound and continued growth of oil to the area above the level of $75.85 per barrel.
Brent Weekly Forecast March 17 — 21, 2025
An additional signal in favor of rising oil quotes this week will be a test of the support line on the relative strength indicator, it is worth noting that there have already been rebounds from this line. The second signal will be a rebound from the lower border of the bearish channel. The cancellation of the growth option for BRENT oil quotes and prices in the trading week of March 17 — 21, 2025 will be a fall and a breakout of the 61.75 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the 55.65 level. With a breakout of the resistance area and closing of quotes above the 72.45 level, which will indicate a breakout of the upper border of the descending channel.
Brent Weekly Forecast March 17 — 21, 2025 suggests an attempt to test the support area near the 66.85 level. From where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 75.85. An additional signal in favor of an increase in oil prices will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a fall in price and a breakout of the 61.75 area. This will indicate a breakout of the support area and a continuation of the fall in oil prices with a target below the 55.65 level.
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