Brent oil quotes continue to move within the development of a bearish correction and a bullish channel. At the time of publication of the forecast, the price of Brent crude oil is $77.39 per barrel. Moving averages indicate the presence of a short-term bullish trend for oil. Prices are again testing the area between the signal lines, which indicates pressure from buyers 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 decline and test the support level near the area of $76.75 per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 80.95.
Brent Forecast for January 28, 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 $73.75 per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below 66.85. Confirmation of the growth of quotes and oil prices will be a breakout of the resistance area and closing of Brent prices above 79.25, which will indicate a breakout of the upper border of the “Wedge” pattern and the beginning of the implementation of the pattern with targets at the top.
Brent Forecast for January 28, 2025 suggests an attempt to test the support level near the 76.75 area. Further, the continuation of oil growth with a target above 80.95. 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 73.75 level. This will indicate a continuation of the decline in quotes to the area below 66.85.
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