Brent oil quotes Brent crude oil quotes continue to move within the framework of the fall development and the formation of the “Triangle” model. At the time of the forecast publication, the price of Brent crude oil is $72.63 per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices are testing the area between the signal lines, which indicates pressure from sellers of “Black Gold” and a potential continuation of the asset value fall from the current levels. At the moment, we should expect an attempt to develop a decline and a test of the support level near the area of $71.35 per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 77.55.
Brent Forecast for November 29, 2024
An additional signal in favor of the growth of 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 Triangle pattern. The cancellation of the oil price growth option will be a drop in quotes and a breakout of $70.05 per barrel. This will indicate a breakout of the support area and a continuation of the fall in BRENT quotes to the area below 64.05. The growth of quotes and oil prices will be confirmed by a breakout of the resistance area and closing of Brent prices above 75.65, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
Brent Forecast for November 29, 2024 suggests an attempt to test the support level near the 71.35 area. Further, the continuation of oil growth with a target above 77.55. A test of the trend line on the relative strength indicator will be in favor of the asset’s rise. The cancellation of the Brent oil price growth option will be a fall and a breakout of 70.05. This will indicate a continuation of the decline in quotes to the area below 64.05.
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