Brent oil quotes continue to move within the framework of the correction development and the formation of the “Head and Shoulders” reversal pattern. At the time of the forecast publication, the price of Brent crude oil is $74.73 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 downwards, 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 $70.45 per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 82.30.
Brent Forecast for November 5, 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 “Head and Shoulders” 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 $67.45 per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below 63.85. Confirmation of the growth of quotes and oil prices will be a breakout of the resistance area and closing of Brent prices above 76.75, which will indicate a breakout of the upper border of the reversal pattern “Head and Shoulders” and the beginning of the pattern with targets at the top.
Brent Forecast for November 5, 2024 suggests an attempt to test the support level near the 70.45 area. Further, the continuation of oil growth with a target above 82.30. A test of the trend line on the relative strength indicator will be in favor of the asset’s rise. The cancellation of the growth option for Brent oil prices will be a fall and a breakout of the 67.45 level. This will indicate a continuation of the decline in quotes to the area below 63.85.
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