Brent oil quotes continue to move within the development of a decline and a descending channel. At the time of publication of the forecast, the price of Brent crude oil is 76.14 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 downwards, 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 decline and test the support level near the area of 74.55 dollars per barrel. Next, an upward rebound and continued growth of the oil rate to the area above the level of 80.25.
Brent Forecast for January 31, 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 71.65 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 64.05. A breakout of the resistance area and closing of Brent prices above 78.65 will confirm the growth of quotes and oil prices, which will indicate a breakout of the upper boundary of the downward correction channel.
Brent Forecast for January 31, 2025 suggests an attempt to test the support level near the 74.55 area. Further, the continuation of oil growth with a target above 80.25. The test of the trend line on the relative strength indicator will be in favor of the asset growth. The cancellation of the option of increasing the price of Brent oil will be a fall and a breakout of the 71.65 level. This will indicate a continuation of the decline in quotes to the area below 64.05.
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