BRENT oil quotes are ending the trading week near the $73.42 per barrel area. The 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 the current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance area near the level of 77.45. Then, we should consider a downward rebound and a continuation of the fall in oil to the area below the level of $64.45 per barrel.
BRENT Forecast December 30, 2024 — January 3, 2025
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 border of the Triangle pattern. The cancellation of the option of a fall in BRENT crude oil quotes and prices in the trading week of December 30, 2024 — January 3, 2025 will be a strong growth and a breakout of the 79.55 level. 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 70.05, we should expect confirmation of the fall in oil, which will indicate a breakout of the lower border of the “Triangle” pattern and the beginning of the implementation of the pattern with targets below.
BRENT Forecast December 30, 2024 — January 3, 2025 suggests an attempt to test the resistance area near the level of 77.45. From where we should expect a rebound and an attempt to continue the fall in oil with a potential target at the level of 64.45. An additional signal in favor of a decrease in oil prices will be a test of the trend line on the relative strength indicator. A strong price increase and a breakout of the 79.55 area will cancel the fall option. This will indicate a breakout of the resistance area and continued growth in oil prices with a target above the level of 85.05.
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