Brent crude oil quotes continue to move within the development of a bearish correction and a bullish channel. At the time of publication of the forecast, the price of Brent crude oil is $66.83 per barrel. Moving averages indicate the presence of a short-term bearish 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 value of the asset 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 $66.05 per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 72.85.
Brent Forecast for April 25, 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. A strong fall and a breakout of the level of $64.05 per barrel will cancel the option of growth in oil prices. 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 71.85 will confirm the growth of quotes and oil prices.
Brent Forecast for April 25, 2025 suggests an attempt to test the support level near the 66.05 area. Further, the continuation of oil growth with a target above 72.85. 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 64.05 level. This will indicate a continuation of the fall in quotes to the area below 60.05.
