BRENT oil quotes are ending the trading week near the $73.91 per barrel area. Moving averages indicate a bearish trend. Prices broke through the signal lines downwards, which indicates pressure from raw material sellers and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance area near the 71.55 level. Then, we should consider an upward rebound and continued growth in oil to above the $82.45 per barrel level.
BRENT Forecast and Analysis December 16 — 20, 2024
An additional signal in favor of oil price growth this week will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the Triangle pattern. The cancellation of the option of raising quotations and prices for BRENT oil in the trading week of December 16 — 20, 2024 will be a fall and a breakout of the 68.05 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the 60.05 level. With a breakout of the resistance area and closing of quotations above the 77.05 level, which will indicate a breakout of the upper border of the Triangle pattern and the beginning of the implementation of the pattern with targets at the top.
BRENT Forecast and Analysis December 16 — 20, 2024 suggests an attempt to test the support area near the 71.55 level. Where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 82.45. An additional signal in favor of oil price growth will be a test of the trend line on the relative strength indicator. The upside option will be cancelled if the price falls and the 68.05 area is broken. This will indicate a breakout of the support area and a continuation of the oil price fall with a target below the 60.05 level.
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