Brent crude oil quotes continue to move within the development of a fall and a descending channel. At the time of publication of the forecast, the price of Brent crude oil is $ 72.43 per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices bounced off 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 bullish correction and a test of the resistance level near the area of $ 73.05 per barrel. Next, a downward rebound and a continuation of the fall in the oil rate to the area below the level of 69.45.
Brent Forecast for February 27, 2025
An additional signal in favor of a fall in quotes and prices for Brent oil will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the bearish channel. The cancellation of the option of falling oil prices will be a strong increase in quotes and a breakout of the level of $ 74.65 per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above 81.05. Confirmation of the fall in quotes and oil prices will be a breakout of the support area and closing of Brent prices below 70.05, which will indicate a breakout of the lower boundary of the descending channel, and this is a signal for a fall by the width of the channel.
Brent Forecast for February 27, 2025 suggests an attempt to test the resistance level near the 73.05 area. Further, the continuation of the fall of oil with a target below the level of 69.45. A test of the trend line on the relative strength indicator will be in favor of the fall of the asset. Cancellation of the option of a decrease in Brent oil prices will be a strong growth and a breakout of the level of 74.65. This will indicate a continuation of the rise in quotes to the area above 81.05.
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