Brent crude oil quotes continue to move within the framework of the correction development and the formation of the “Wedge” model. At the time of the forecast publication, the price of Brent crude oil is $71.97 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 fall in the value of the asset from the current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of $72.75 per barrel. Then, a downward rebound and a continuation of the fall in the oil rate to the area below the level of 66.85.
Brent Forecast for March 19, 2025
An additional signal in favor of a fall in quotes and prices for Brent oil 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 “Wedge” reversal model. The cancellation of the option of falling oil prices will be a strong increase in quotes and a breakout of the level of $74.85 per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above 82.05. Confirmation of the fall in quotes and oil prices will be a breakout of the support area and closing of Brent prices below 69.95, which will indicate a breakout of the lower border of the “Wedge” pattern and the beginning of the implementation of the pattern with targets below.
Brent Forecast for March 19, 2025 suggests an attempt to test the resistance level near the 72.75 area. Further, the continuation of the fall of oil with a target below 66.85. A test of the trend line on the relative strength indicator will be in favor of the fall of the asset. Cancellation of the option of a decrease in the price of Brent oil will be a strong growth and a breakout of the 74.85 level. This will indicate a continuation of the rise in quotes to the area above 82.05.
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