Brent crude oil quotes continue to move within the framework of the growth and bullish channel development. At the time of the forecast publication, the price of Brent crude oil is $67.74 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 asset’s value growth from the current levels. At the moment, we should expect an attempt to develop a bearish correction and test the support level near the area of $66.35 per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 73.55.
Brent Forecast for April 23, 2025
An additional signal in favor of the growth of Brent crude oil quotes and prices 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 growth option for oil prices will be a strong fall and a breakout of the level of $64.45 per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below 60.05. A breakout of the resistance area and closing of Brent prices above 71.65 will confirm the growth of quotes and oil prices.
Brent Forecast for April 23, 2025 suggests an attempt to test the support level near the 66.35 area. Further, the continuation of oil growth with a target above 73.55. The test of the trend line on the relative strength indicator will be in favor of the asset growth. The cancellation of the growth option for Brent oil prices will be a fall and a breakout of the 64.45 level. This will indicate a continuation of the fall in quotes to the area below 60.05.
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