Brent oil quotes Brent crude oil quotes continue to move within the development of a fall and a descending channel. At the time of publication of the forecast, the price of Brent crude oil is 71.80 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 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 growth and a test of the resistance level near the area of 73.05 dollars per barrel. Then, a rebound downwards and a continuation of the fall in the oil rate to the area below the level of 68.35.
Brent Forecast for December 11, 2024
An additional signal in favor of the growth of quotes and prices for Brent oil will be a test of the bullish trend 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 option of falling oil prices will be a strong increase in quotes and a breakout of the level of 75.05 dollars per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above 79.55. A breakout of the support area and closing of Brent prices below 70.85 will confirm the fall in quotes and oil prices.
Brent Forecast for December 11, 2024 suggests an attempt to test the resistance level near the 73.05 area. Further, the continuation of the fall of oil with a target below 68.35. A test of the trend line on the relative strength indicator will be in favor of a decrease in the asset. A strong growth and a breakout of the 75.05 level will cancel the option of a decrease in Brent oil prices. This will indicate a continued rise in quotes to the area above 79.55.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
