Brent crude oil quotes continue to move within the framework of the correction development and the formation of the “Triangle” model. At the time of the forecast publication, the price of Brent crude oil is $70.29 per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices are again testing the area between the signal lines, which indicates pressure from sellers of “Black Gold” and a potential continuation of the asset’s fall from current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the $70.45 per barrel area. Then, a downward rebound and a continued fall in the oil rate to the area below the 66.05 level.
Brent Forecast for March 13, 2025
An additional signal in favor of a fall in Brent crude oil quotes and prices will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the Triangle pattern. The cancellation of the oil price fall scenario will be a strong increase in quotes and a breakout of $73.05 per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above 77.65. The fall in quotes and oil prices will be confirmed by a breakout of the support area and closing of Brent prices below 67.65, which will indicate a breakout of the lower border of the Triangle pattern and the beginning of the pattern with targets below.
Brent Forecast for March 13, 2025 suggests an attempt to test the resistance level near the 70.45 area. Further, the continuation of the fall in oil with a target below 66.05. A test of the trend line on the relative strength indicator will be in favor of the asset’s fall. The cancellation of the Brent oil price decline scenario will be a strong increase and a breakout of 73.05. This will indicate a continuation of the rise in quotes to the area above the level of 77.65.
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