Brent oil quotes Brent crude oil quotes continue to move within the development of growth and a bullish channel. At the time of publication of the forecast, the price of Brent crude oil is $81.49 per barrel. Moving averages indicate the presence of a short-term bullish trend for oil. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of “Black Gold” and potential continued growth 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 $80.05 per barrel. Next, an upward rebound and continued growth of the oil rate to the area above the level of 86.45.
Brent Forecast for January 16, 2025
An additional signal in favor of growth 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 $77.85 per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below 70.05. A breakout of the resistance area and closing of Brent prices above 82.75 will confirm the growth of quotes and oil prices.
Brent Forecast for January 16, 2025 suggests an attempt to test the support level near the 80.05 area. Further, the continuation of oil growth with a target above 86.45. 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 77.85 level. This will indicate a continuation of the decline in quotes to the area below 70.05.
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