Brent oil quotes continue to move within the framework of the growth and bullish channel development. At the time of the forecast publication, the price of Brent crude oil is $74.87 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 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 $72.45 per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 80.05.
Brent Forecast for October 23, 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 bullish channel. The cancellation of the option of growth in oil prices will be a drop in quotes and a breakout of the level 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 65.25. A breakout of the resistance area and closing of Brent prices above 77.75 will confirm the growth of quotes and oil prices, which will indicate a breakout of the upper boundary of the downward correction channel.
Brent Forecast for October 23, 2024 suggests an attempt to test the support level near the 72.45 area. Further, the continuation of oil growth with a target above 80.05. 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 70.05 will cancel the option of Brent oil price growth. This will indicate a continuation of the decline in quotes to the area below 65.25.
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