Brent crude oil quotes continue to move within the development of growth and a bullish channel. At the time of publication of the forecast, the price of Brent crude oil is $73.92 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 upwards, which indicates pressure from buyers of “Black Gold” and a 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 $72.65 per barrel. Next, an upward rebound and continued growth of the oil rate to the area above the level of 79.75.
Brent Forecast for April 3, 2025
An additional signal in favor of an increase in 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 $71.35 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 above the level of 66.55. A breakout of the resistance area and closing of Brent prices above the level of 75.85 will confirm the growth of quotes and oil prices.
Brent Forecast for April 3, 2025 suggests an attempt to test the support level near the area of 72.65. Further, the continuation of oil growth with a target above the level of 79.75. A test of the trend line on the relative strength indicator will be in favor of the asset’s rise. A fall and a breakout of the level of 71.35 will cancel the option of growth in Brent oil prices. This will indicate a continuation of the fall in quotes to the area below the level of 66.55.
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