Brent oil prices continue to move within the framework of a bullish correction and the formation of a “wedge” reversal pattern. At the time of publication of the forecast, the price of Brent oil is $71.40 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken through the area between the signal lines upwards, indicating pressure from buyers of “black gold” and a potential continuation of the asset’s growth from current levels. Now, we should expect an attempt at a bullish correction and a test of the resistance level near the $72.75 per barrel area. Further, prices will rebound downward and continue to fall below the $61.75 level.
Brent crude oil Forecast for July 9, 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 “Wedge” pattern. A strong rise and a breakout above $76.55 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 85.05. 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 66.75, which will indicate a breakout of the lower border of the “Wedge” model and the beginning of the pattern with targets below.
Brent crude oil Forecast for July 9, 2025 suggests an attempt to test the resistance level near the 72.75 area. Further, oil will continue to fall with a target below the 61.75 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 76.55 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 85.05 level.
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