Brent oil quotes continue to move within the framework of the correction development and the formation of the “Double Bottom” reversal model. At the time of the forecast publication, the price of Brent crude oil is $72.77 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 decline and a test of the support level near the $70.05 per barrel area. Then, an upward rebound and continued growth of the oil rate to the area above the 80.45 level.
Brent Forecast for November 15, 2024
An additional signal in favor of the growth of Brent crude oil quotes and prices will be a test of the bullish trend line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the Double Bottom reversal pattern. The option for oil price growth will be cancelled if quotes fall and the level of $67.05 per barrel is broken. This will indicate a breakout of the support area and a continuation of the fall in BRENT quotes to the area below 63.65. The growth of quotes and oil prices will be confirmed by a breakout of the resistance area and closing of Brent prices above 77.65, which will indicate a breakout of the upper border of the Double Bottom reversal pattern and the beginning of the pattern with targets at the top.
Brent Forecast for November 15, 2024 suggests an attempt to test the support level near the 70.05 area. Further, oil growth will continue with a target above 80.45. A test of the trend line on the relative strength indicator will be in favor of the asset rise. The option for Brent oil price growth will be cancelled if the level of 67.05 is broken and the level of 67.05 is broken. This will indicate a continuation of the decline in quotes to the area below the level of 63.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
