BRENT oil quotes are ending the trading week near the $74.81 per barrel area. Moving averages indicate a bearish trend. Prices broke 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 decline and a test of the support area near the 69.45 level. Then, we should consider an upward rebound and continued growth of oil to the area above the $85.75 per barrel level.
BRENT Forecast and Analysis November 11 — 15, 2024
An additional signal in favor of an increase in oil quotes 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 “Double Bottom” reversal pattern. The cancellation of the growth scenario for BRENT oil quotes and prices in the trading week of November 11 — 15, 2024 will be a fall and a breakout of the 62.05 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the 57.15 level. With a breakout of the resistance area and closing of quotes above the 81.55 level, which will indicate a breakout of the upper border of the descending correction channel.
BRENT Forecast and Analysis November 11 — 15, 2024 suggests an attempt to test the support area near the 69.45 level. From where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 85.75. An additional signal in favor of an increase in oil prices will be a test of the trend line on the relative strength indicator. The cancellation of the growth scenario will be a fall in price and a breakout of the 62.05 area. This will indicate a breakout of the support area and a continuation of the decline in oil prices with a target below the 57.15 level.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
