Brent crude oil prices continue to move as part of a correction and the formation of a “Wedge” reversal pattern. At the time of this forecast’s publication, the price of Brent crude oil is $63.98 per barrel. Moving averages indicate a short-term bearish trend in oil prices. Prices have broken below the signal lines, indicating downward pressure from sellers of “Black Gold” and a potential further decline in the asset’s value from current levels. At this point, we expect an attempt to continue the decline and a test of the support level near $62.95 per barrel. Subsequently, we expect an upward rebound and continued growth above $68.35.
Brent crude oil Forecast for November 11, 2025
An additional signal favoring growth in Brent crude oil prices and quotes will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower boundary of the Wedge reversal pattern. A decline and a breakout of $60.45 per barrel will cancel the upward trend in oil prices. This will indicate a breakout of the support area and a continued decline in BRENT prices below $55.65. A breakout of the resistance area and a close above $66.05 will confirm the upward trend in oil prices and quotes, indicating a breakout of the upper boundary of the Wedge reversal pattern and the beginning of the pattern’s implementation with targets above.
Brent crude oil Forecast for November 11, 2025 suggests an attempt to test the support level near $62.95. Further growth is expected with a target above $68.35. A test of the trend line on the relative strength indicator (RSI) will support the upside. A decline and a breakout of $60.45 will cancel the upward trend in Brent oil prices. This will indicate a continued decline in prices below $55.65.
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