BRENT oil quotes are ending the trading week near the area of 71.21 dollars per barrel. Moving averages indicate the presence of a bearish trend. Prices broke through the area between the 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 74.55. Then, it is worth considering a downward rebound and a continuation of the fall in oil to the area below the level of 61.05 dollars per barrel.
BRENT Forecast and Analysis September 30 — October 4, 2024
An additional signal in favor of a fall in oil prices this week will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the lower border of the descending channel. The cancellation of the option of decreasing quotes and prices for BRENT oil in the trading week of September 30 — October 4, 2024 will be strong growth and a breakout of the level of 79.05. This will indicate a breakout of the resistance area and continued growth of oil to the area above the level of 85.05. With a breakout of the support area and closing of quotes below the level of 67.45.
BRENT Forecast and Analysis September 30 — October 4, 2024 suggests an attempt to test the resistance area near the level of 74.55. Where we should expect a rebound and an attempt to continue the fall in oil with a potential target at the level of 61.05. 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 79.05 area. This will indicate a breakout of the resistance area and continued growth in oil prices with a target above the 85.05 level.
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