Brent oil quotes Brent crude oil quotes continue to move within the development of the correction and the bullish channel. At the time of publication of the forecast, the price of Brent crude oil is 73.00 dollars per barrel. Moving averages indicate the presence of a short-term bullish 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 a decline and test the support level near the area of 72.35 dollars per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 74.45.
Brent Forecast for December 20, 2024
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. The cancellation of the option of growth in oil prices will be a drop in quotes and a breakout of the level of 71.65 dollars per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below 65.05. Confirmation of the growth of quotes and oil prices will be a breakout of the resistance area and closing of Brent prices above 74.05, which will indicate a breakout of the upper boundary of the descending channel.
Brent Forecast for December 20, 2024 suggests an attempt to test the support level near the 72.35 area. Further, the continuation of oil growth with a target above 74.45. The growth of the asset will be supported by a test of the trend line on the relative strength indicator. The cancellation of the option of increasing the price of Brent oil will be a fall and a breakout of the 71.65 level. This will indicate a continuation of the decline in quotes to the area below 65.05.
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