Brent crude oil quotes continue to move within the development of a bullish correction and a descending channel. At the time of publication of the forecast, the price of Brent crude oil is $64.78 per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices are again testing the area between the signal lines, which indicates pressure from sellers of “Black Gold” and a potential continuation of the fall in the value of the asset from the current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of $66.65 per barrel. Then, a downward rebound and a continuation of the fall in the oil rate to the area below the level of 57.25.
Brent crude oil Forecast for April 16, 2025
An additional signal in favor of a fall in quotes and prices for Brent oil will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the descending channel. The cancellation of the option of falling oil prices will be a strong strong growth and a breakout of the level of $69.75 per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above 76.05. A breakout of the support area and closing of Brent prices below 62.55 will confirm the fall in quotes and oil prices.
Brent crude oil Forecast for April 16, 2025 suggests an attempt to test the resistance level near the 66.65 area. Further, the continuation of the fall of oil with a target below 57.25. A test of the trend line on the relative strength indicator will be in favor of the fall of the asset. A strong growth and a breakout of the 69.75 level will cancel the option of a decrease in Brent oil prices. This will indicate a continued rise in quotes to the area above 76.05.
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