BRENT oil quotes are ending the trading week near the area of 74.18 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 growth and a test of the resistance area near the level of 75.85. Then, we should consider a rebound downwards and a continuation of the fall of oil to the area below the level of 58.45 dollars per barrel.
BRENT Forecast and Analysis October 28 — November 1, 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 boundary of the descending channel. The cancellation of the option of falling quotes and prices for BRENT oil in the trading week of October 28 — November 1, 2024 will be a strong growth and a breakout of the 82.65 level. This will indicate a breakout of the resistance area and continued growth of oil to the area above the 87.55 level. With a breakout of the support area and closing of quotes below the 68.45 level.
BRENT Forecast and Analysis October 28 — November 1, 2024 suggests an attempt to test the resistance area near the 75.85 level. Where we should expect a rebound and an attempt to continue the fall of oil with a potential target at the level of 58.45. 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 82.65 area. This will indicate a breakout of the resistance area and continued growth of oil prices with a target above the 87.55 level.
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