Brent oil prices continue to move within the bearish correction and bullish channel. At the time of publication, the price of Brent oil is $73.37 per barrel. Moving averages indicate a short-term bearish 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 bearish correction and a test of the support level near the $70.75 per barrel area. Further, prices will rebound upward and continue to rise above the $85.95 level.
Brent crude oil Forecast for June 24, 2025
An additional signal in favor of growth in Brent oil quotes and prices will be a rebound from the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the downward channel. A fall and breakout of the $67.25 per barrel level will cancel the option of oil price growth. This will indicate a breakout of the support area and a continuation of the decline in Brent quotes to below the level of $60.75. Confirmation of the growth in quotes and oil prices will be a breakout of the resistance area and the closing of Brent prices above the level of $81.85.
Brent crude oil Forecast for June 24, 2025 suggests an attempt to test the support level near the 70.75 area. Further, oil will continue to rise with a target above the 85.95 level. A test of the trend line on the relative strength indicator will support the asset’s rise. A fall and breakout of the 67.25 level will cancel the Brent oil price growth scenario. This will indicate a continued decline in quotes to below the 60.75 level.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
