Brent oil quotes continue to move within the framework of growth development and formation of the “Double Bottom” reversal pattern. At the time of publication of the forecast, the price of Brent crude oil is 73.19 dollars 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 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 71.25 dollars per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 76.05.
Brent Forecast for November 20, 2024
An additional signal in favor of growth in quotes and prices for Brent oil 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 cancellation of the option of growth in oil prices will be a drop in quotes and a breakout of the level of 67.85 dollars per barrel. This will indicate a breakout of the support area and a continuation of the fall in BRENT quotes to the area below 63.15. A breakout of the resistance area and closing of Brent prices above 74.75 will confirm the growth of quotes and oil prices, which will indicate a breakout of the upper boundary of the descending channel.
Brent Forecast for November 20, 2024 suggests an attempt to test the support level near the 71.25 area. Further, the continuation of oil growth with a target above 76.05. A test of the trend line on the relative strength indicator will be in favor of the asset’s rise. A fall and a breakout of 67.85 will cancel the option of Brent oil price growth. This will indicate a continuation of the decline in quotes to the area below 63.15.
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