Brent oil quotes continue to move as part of the development of correction and formation of the double bottom of the “Double bottom”. At the time of the publication of the forecast, the price of Brent oil oil is $ 74.52 per barrel. Prices broke through the area between signal lines Downs, indicates the pressure from the Black Gold sellers and the potential continuation of the cost of the asset from the current levels is at the moment to expect an attempt to develop a decrease and a support level of support near the area of 73.75 dollars per barrel. Oil course in the area above 80.65.
Brent Forecast for February 14, 2025
An additional signal in favor of the growth of quotations and oil prices Brent will be the test of support line on the relative force indicator (RSI). The second signal will be the hift from the lower border of the bull channel. The cancellation of the option of increasing oil prices will be a drop in quotations and a breakdown of the level of 72.45 dollars per barrel. This will indicate a breakdown of the support area and the continuation of the fall of Brent quotes to the area below the level of 67.05. Confirmation of the growth of quotations and oil prices will be the breakdown of the resistance area and the closure of Brent prices above the level 78.75, which will indicate the breakdown of the upper boundary of the “Double bottom” reversal model and the beginning of the implementation of the pattern with goals at the top.
Brent Forecast for February 14, 2025 implies an attempt to test the level of support near the area 73.75. Further, the continuation of oil growth with a goal above the level of 80.65. In favor of the growth of the asset, the test line of the trend on the indicator of relative power will perform. The cancellation of the option of lifting the price of oil Brent will be a fall and a breakdown of the level 72.45. This will indicate a continuation of a decrease in quotations to the area below the level of 67.05.
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