Brent oil quotes Brent crude oil quotes continue to move within the growth development and have left the “Triangle” model. At the time of publication of the forecast, the price of Brent crude oil is $ 74.19 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 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 $ 73.35 per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 77.85.
Brent Forecast for December 31, 2024
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 upper border of the “Triangle” model. The cancellation of the option of growth in oil prices will be a drop in quotes and a breakout of the level of $ 69.55 per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below 63.65. A breakout of the resistance area and closing of Brent prices above 76.65 will confirm the growth of quotes and oil prices.
Brent Forecast for December 31, 2024 suggests an attempt to test the support level near the 73.35 area. Further, the continuation of oil growth with a target above 77.85. 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 69.55 level. This will indicate a continuation of the decline in quotes to the area below 63.65.
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