BRENT oil quotes are ending the trading week near the area of 72.03 dollars per barrel. Moving averages indicate the presence of a bearish trend. Prices broke through the area with signal lines downwards, which indicates pressure from sellers of raw materials and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance area near the level of 73.65. Then, it is worth considering a downward rebound and a continuation of the fall of oil to the area below the level of 58.05 dollars per barrel.
BRENT Forecast and Analysis December 23 — 27, 2024
An additional signal in favor of a decrease in oil quotes this week will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper border of the “Triangle” pattern. The cancellation of the option of a fall in quotes and prices for BRENT oil in the trading week of December 23 — 27, 2024 will be a strong growth and a breakout of the level of 74.05. This will indicate a breakout of the resistance area and a continuation of the growth of oil to the area above the level of 80.05. With a breakout of the support area and closing of quotes below the level of 70.05, we should expect confirmation of the fall in oil, which will indicate a breakout of the lower border of the “Triangle” pattern and the beginning of the implementation of the pattern with targets below.
BRENT Forecast and Analysis December 23 — 27, 2024 suggests an attempt to test the resistance area near the level of 73.65. Where should we expect a rebound and an attempt to continue the fall of oil with a potential target at 58.05. An additional signal in favor of a decrease in the price of oil will be a test of the trend line on the relative strength indicator. The cancellation of the fall option will be a strong increase in price and a breakout of the 74.05 area. This will indicate a breakout of the resistance area and a continuation of the growth of the price of oil with a target above the level of 80.05.
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