Brent oil quotes Brent crude oil quotes continue to move within the framework of growth development and the beginning of the implementation of the “Triangle” pattern. At the time of publication of the forecast, the price of Brent crude oil is 73.93 dollars 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 potential continuation of the growth of the asset value from the current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the area of 72.85 dollars per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 78.85.
Brent Forecast for December 17, 2024
An additional signal in favor of growth 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 upper border of the “Triangle” pattern. The cancellation of the option of raising oil prices will be a drop in quotes and a breakout of the level of 69.75 dollars per barrel. This will indicate a breakout of the support area and a continuation of the fall in BRENT quotes to the area below 62.05. A breakout of the resistance area and closing of Brent prices above 75.65 will confirm the growth of quotes and oil prices.
Brent Forecast for December 17, 2024 suggests an attempt to test the support level near the 72.85 area. Further, the continuation of oil growth with a target above 78.85. A test of the trend line on the relative strength indicator will be in favor of the asset’s rise. The cancellation of the Brent oil price growth option will be a fall and a breakout of the 69.75 level. This will indicate a continuation of the decline in quotes to the area below 62.05.
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