Brent oil quotes Brent crude oil quotes continue to move within the framework of growth development and the beginning of the implementation of the “Triangle” model. At the time of publication of the forecast, the price of Brent oil is $ 75.89 per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of “Black Gold” and a 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 $ 74.85 per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 79.85.
Brent Forecast for January 4, 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 oil price growth scenario will be a drop in quotes and a breakout of the level of 72.05 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 the level of 66.05. The growth of quotes and oil prices will be confirmed by a breakout of the resistance area and the closing of Brent prices above the level of 77.05.
Brent Forecast for January 4, 2025 suggests an attempt to test the support level near the area of 74.85. Further, the continuation of oil growth with a target above the level of 79.85. The test of the trend line on the relative strength indicator will be in favor of the asset growth. The cancellation of the Brent oil price growth scenario will be a fall and a breakout of the level of 72.05. This will indicate a continuation of the decline in quotes to the area below the level of 66.05.
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