BRENT oil quotes are ending the trading week near the $71.82 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 decline and a test of the support area near the 63.55 level. Then, we should consider an upward rebound and continued growth of oil to above the $85.95 per barrel level.
BRENT Forecast and Analysis November 18 — 22, 2024
An additional signal in favor of rising oil prices 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 option for BRENT oil quotes and prices in the trading week of November 18 — 22, 2024 will be a fall and a breakout of the 60.05 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the 54.05 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 18 — 22, 2024 suggests an attempt to test the support area near the 63.55 level. Where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 85.95. An additional signal in favor of rising oil prices will be a test of the trend line on the relative strength indicator. The growth scenario will be cancelled if the price falls and the 60.05 area is broken. This will indicate a breakout of the support area and a continuation of the decline in oil prices with a target below the 54.05 level.
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