Brent oil quotes continue to move within the framework of the development of a bullish correction and an ascending channel. At the time of publication of the forecast, the price of Brent oil is $ 69.98 per barrel. Moving averages indicate the presence of a short-term bullish trend for oil. Prices are testing the area between the signal lines again, indicating pressure from sellers of “Black Gold” and a potential continuation of the asset’s fall from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the area of 71.05 dollars per barrel. Next, a downward price rebound and a continuation of the fall in the oil price to the area below the level of 61.35.
Brent crude oil Forecast for July 4, 2025
An additional signal in favor of a fall in quotes and prices for Brent oil will be a rebound from the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of falling oil prices will be a strong growth and a breakout of the level of 74.75 dollars per barrel. This will indicate a breakout of the resistance area and a continuation of the growth of BRENT quotes to the area above the level of 82.65. The fall in quotes and oil prices will be confirmed by a breakout of the support area and closing of Brent prices below 65.45, which will indicate a breakout of the lower border of the “Bear Flag” pattern and the beginning of the pattern with targets below.
Brent crude oil Forecast for July 4, 2025 suggests an attempt to test the resistance level near the 71.05 area. Further, the continuation of the fall in oil with a target below the level of 61.35. A test of the trend line on the relative strength indicator will be in favor of a decrease in the asset. A strong growth and a breakout of the 74.75 level will cancel the option of a fall in Brent oil prices. This will indicate a continuation of the rise in quotes to the area above the level of 82.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
