Brent oil quotes continue to move within the framework of the development of an aggressive bearish correction and the formation of a reversal pattern “Double Bottom”. At the time of publication of the forecast, the price of Brent crude oil is 74.33 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 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 a test of the support level near the area of 72.75 dollars per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 79.65.
Brent Forecast for October 18, 2024
An additional signal in favor of the growth of quotes and prices for Brent oil will be a test of the broken trend line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the reversal pattern “Wedge”. The cancellation of the oil price growth scenario will be a drop in quotes and a breakout of the level of 69.65 dollars per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below the level of 65.25. The growth of quotes and oil prices will be confirmed by a breakout of the resistance area and the closing of Brent prices above the level of 76.05, which will indicate a breakout of the upper border of the Wedge reversal pattern and the beginning of the model with targets at the top.
Brent Forecast for October 18, 2024 suggests an attempt to test the support level near the 72.75 area. Further, the continuation of oil growth with a target above the level of 79.65. 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 scenario will be a fall and a breakout of the level of 69.65. This will indicate a continuation of the decline in quotes to the area below the level of 65.25.
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