Brent crude oil quotes continue to move within the development of a bullish correction and a descending channel. At the time of publication of the forecast, the price of Brent oil is 65.28 dollars per barrel. Moving averages indicate the presence of a short-term bullish trend for oil. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of “Black Gold” and a potential continuation of the fall in the asset price from the current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the area of 68.65 dollars per barrel. Then, a downward rebound and a continuation of the fall in the oil rate to the area below the level of 57.85.
Brent Forecast for April 16, 2025
An additional signal in favor of a fall in quotes and prices for Brent oil will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the descending channel. The cancellation of the scenario of falling oil prices will be a strong strong growth and a breakout of the level of 71.05 dollars per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above the level of 76.65. Confirmation of the fall in quotes and oil prices will be a breakout of the support area and closing of Brent prices below the level of 62.55.
Brent Forecast for April 16, 2025 suggests an attempt to test the resistance level near the area of 68.65. Further, the continuation of the fall of oil with a target below the level of 57.85. A test of the trend line on the relative strength indicator will be in favor of the fall of the asset. The cancellation of the scenario of a decrease in the price of Brent oil will be a strong growth and a breakout of the level of 71.05. This will indicate a continued rise in quotes to the area above the level of 76.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
