Brent crude oil prices continue to move within a developing bullish channel correction. At the time of this forecast’s publication, the price of Brent crude oil is $102.13 per barrel. Moving averages indicate a short-term uptrend in oil prices. Prices have broken above the signal lines, indicating upward pressure from buyers of “Black Gold” and potential continued price growth from current levels. At this point, we expect an attempt to extend the correction and test the resistance level near $104.45 per barrel. Subsequently, a downward rebound is expected, and the price of oil continues to decline below $87.55.
Brent crude oil Forecast for March 18, 2026
An additional signal of a decline in Brent crude oil prices will be a rebound from the resistance line on the relative strength indicator (RSI). A second signal will be a rebound from the upper boundary of the Head and Shoulders reversal pattern. A strong rally and a breakout of $107.05 per barrel would cancel the oil price decline scenario. This would indicate a breakout of the resistance area and a continued rise in BRENT prices above $115.65. A breakout of the support area and a close of Brent prices below $97.05 would confirm a decline in oil prices and quotes, indicating a breakout of the lower boundary of the Head and Shoulders reversal pattern and the beginning of the pattern’s implementation with targets below.
Brent crude oil Forecast for March 18, 2026 suggests an attempt to test the resistance level near $104.45. Further decline is expected with a target below $87.55. A test of the trend line on the relative strength indicator (RSI) would support an upside move. A strong rally and a breakout of $107.05 would cancel the Brent price decline scenario. This would indicate a continued rise in prices above $115.65.
