Brent oil quotes Brent crude oil quotes continue to move within the development of the correction and the bullish channel. At the time of publication of the forecast, the price of Brent crude oil is 81.06 dollars 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 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 79.15 dollars per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 86.05.
Brent Forecast for January 17, 2025
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 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 77.05 dollars per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below 72.45. Confirmation of the growth of quotes and oil prices will be a breakout of the resistance area and closing of Brent prices above 83.25, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
Brent Forecast for January 17, 2025 suggests an attempt to test the support level near the 79.15 area. Further, the continuation of oil growth with a target above 86.05. The test of the trend line on the relative strength indicator will be in favor of the growth of the asset. The cancellation of the option of increasing the price of Brent oil will be a fall and a breakout of the 77.05 level. This will indicate a continuation of the decline in quotes to the area below 72.45.
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