BRENT oil quotes are ending the trading week near the 71.38 dollar per barrel area. The moving averages indicate a bearish trend. Prices have broken through the area with signal lines downwards, which indicates pressure from raw material sellers 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 73.65 level. Then, we should consider a rebound downwards and a continuation of the fall of oil to the area below the 61.65 dollar per barrel level.
BRENT Forecast and Analysis December 9 — 13, 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” model. The cancellation of the option of falling quotations and prices for BRENT oil in the trading week of December 9 — 13, 2024 will be a strong growth and a breakout of the 77.05 level. This will indicate a breakout of the resistance area and continued growth of oil to the area above the 86.55 level. With a breakout of the support area and closing of quotations below the 69.65 level, 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 9 — 13, 2024 suggests an attempt to test the resistance area near the 73.65 level. Where we should expect a rebound and an attempt to continue the fall of oil with a potential target at the level of 61.65. An additional signal in favor of a decrease in oil prices will be a test of the trend line on the relative strength indicator. The cancellation of the fall option will be a strong price growth and a breakout of the 77.05 area. This will indicate a breakout of the resistance area and continued growth of oil prices with a target above the 86.55 level.
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