Brent oil quotes continue to move as part of the decline and the beginning of the “Head and Shoulders” pattern. At the time of the forecast publication, the price of Brent crude oil is $71.10 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 growth and test the resistance level near the area of $72.55 per barrel. Then, a rebound downwards and a continuation of the fall in the oil rate to the area below the level of 63.05.
Brent Forecast for October 29, 2024
An additional signal in favor of a decrease in quotes and prices for Brent oil will be a test of the bearish 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 scenario of falling oil prices will be a strong increase in quotes and a breakout of the level of 79.65 dollars per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above the level of 85.05. Confirmation of the fall in quotes and oil prices will be a breakout of the support area and closing of Brent prices below the level of 80.05.
Brent Forecast for October 29, 2024 suggests an attempt to test the resistance level near the 72.55 area. Further, the continuation of the fall of oil with a target below the level of 63.05. A test of the trend line on the relative strength indicator will be in favor of a decrease in the asset. The cancellation of the scenario of falling Brent oil prices will be a strong growth and a breakout of the level of 79.65. This will indicate a continued rise in quotes to the area above the level of 85.05.
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