Brent crude oil quotes continue to move within the framework of a downtrend and descending channel. At the time of this forecast’s publication, the price of Brent crude oil is USD 74.47 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices have rebounded from the area between the signal lines, indicating pressure from “Black Gold” sellers and a potential continuation of the asset’s decline from current levels. Currently, we can expect an attempt to develop a bullish correction and test the resistance level near the USD 75.05 per barrel area. After that, a downward rebound and continuation of the oil price decline towards the area below USD 72.15.
Brent Forecast for February 26, 2025
An additional signal in favor of the decline in Brent crude oil quotes and prices will be a test of the resistance line on the Relative Strength Index (RSI). The second signal will be a rebound from the upper boundary of the bearish channel. The cancellation of the decline scenario for oil prices will be a strong growth of quotes and a breakout of the USD 76.05 per barrel level. This will indicate a breakout of the resistance area and a continuation of Brent prices’ growth into the area above USD 81.55. Confirmation of the decline in Brent crude oil quotes and prices will come with a breakout of the support area and the closing of Brent prices below the USD 72.45 level. This will indicate a breakout of the lower boundary of the descending channel, signaling a decline by the channel’s width.
Brent Forecast for February 26, 2025 suggests an attempt to test the resistance level near the USD 75.05 area. Then, a continuation of the oil price decline with a target below the USD 72.15 level. An additional signal for the asset’s decline will be a trend line test on the RSI indicator. The cancellation of the bearish scenario for Brent oil prices will be a strong rise and a breakout of the USD 76.05 level, indicating a continued increase in quotes towards the area above USD 81.55.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
