Brent oil quotes continue to move within the development of the correction and the descending channel. At the time of publication of the forecast, the price of Brent crude oil is 71.82 dollars per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices broke 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 dollars per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 78.05.
Brent Forecast for October 31, 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 “Double Bottom” reversal model. The cancellation of the option of growth in oil prices will be a drop in quotes and a breakout of the level of 68.05 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 64.05. Confirmation of the growth of quotes and oil prices will be a breakout of the resistance area and closing of Brent prices above 76.15, which will indicate a breakout of the upper border of the descending channel.
Brent Forecast for October 31, 2024 suggests an attempt to test the support level near the 70.45 area. Further, the continuation of oil growth with a target above 78.05. 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 68.05 level. This will indicate a continuation of the decline in quotes to the area below 64.05.
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