BRENT oil quotes are ending the trading week near the area of 74.69 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 decline and a test of the support area near the level of 71.35. Then, it is worth considering an upward rebound and continued growth of oil to the area above the level of 85.60 dollars per barrel.
BRENT Forecast and Analysis November 4 — 8, 2024
An additional signal in favor of the rise in 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 4 — 8, 2024 will be a fall and a breakout of the 65.45 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the level of 58.25. With a breakout of the resistance area and closing of quotes above the level of 81.55, which will indicate a breakout of the upper border of the descending correction channel.
BRENT Forecast and Analysis November 4 — 8, 2024 suggests an attempt to test the support area near the level of 71.35. Where should we expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 85.60. An additional signal in favor of the rise in oil prices will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a price drop and a breakout of the 65.45 area. This will indicate a breakout of the support area and a continuation of the decline in oil prices with a target below the 58.25 level.
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