Brent oil quotes continue to move within the framework of the decline and the formation of a head and shoulders reversal pattern. At the time of publication of the forecast, the price of Brent oil is $68.25 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken through the area between the signal lines downwards, indicating pressure from sellers of “black gold” and a potential continuation of the decline in the asset’s value from current levels. At the moment, we should expect an attempt at a bullish correction and a test of the resistance level near the $70.35 per barrel area. Further, prices will rebound downward and continue to fall below the $63.25 level.
Brent crude oil Forecast for July 16, 2025
An additional signal in favor of a decline in Brent oil quotes and prices will be a rebound from the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. A strong rise and a breakout above $73.05 per barrel will negate the possibility of a decline in oil prices. This will indicate a breakout of the resistance area and a continuation of the rise in Brent quotes to above 77.05. Confirmation of the decline in oil prices and quotations will be a breakout of the support area and the closing of Brent prices below the level of 67.05, which will indicate a breakout of the lower border of the “Head and Shoulders” reversal pattern and the beginning of the implementation of the pattern with targets below.
Brent crude oil Forecast for July 16, 2025 suggests an attempt to test the resistance level near the 70.35 area. Further, oil will continue to fall with a target below the 63.25 level. A test of the trend line on the relative strength indicator will support the decline in the asset. A strong rise and a breakout of the 73.05 level will cancel the scenario of a decline in Brent oil prices. This will indicate a continuation of the rise in quotes to the area above the 77.05 level.
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