Brent crude oil quotes continue to move within the development of the correction and the bullish channel. At the time of publication of the forecast, the price of Brent crude oil is 66.57 dollars per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices are again testing the area between the signal lines, which indicates pressure from buyers of “Black Gold” and potential continuation of the growth of the asset value from the current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the area of 64.25 dollars per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 72.75.
Brent Forecast for April 22, 2025
An additional signal in favor of the growth of quotes and prices for Brent oil will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of growth in oil prices will be a strong fall and a breakout of the level of 62.55 dollars per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below the level of 56.65. Confirmation of the growth of quotes and oil prices will be a breakout of the resistance area and closing of Brent prices above the level of 70.45, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
Brent Forecast for April 22, 2025 suggests an attempt to test the support level near the area of 64.25. Further, the continuation of oil growth with a target above the level of 72.75. The test of the trend line on the relative strength indicator will be in favor of the growth of the asset. The cancellation of the growth option for Brent oil prices will be a fall and a breakout of the level of 62.55. This will indicate a continuation of the fall in quotes to the area below the level of 56.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
