BRENT oil quotes are ending the trading week near the $79.31 per barrel area. The moving averages indicate a bearish trend. Prices have broken through the area with signal lines upwards, which indicates pressure from raw material buyers and potential continued growth from the current levels. At the moment, we should expect an attempt to develop a bearish correction and test the support area near the level of 74.65. Then, we should consider an upward rebound and continued growth of oil to the area above the level of $85.85 per barrel.
BRENT Forecast January 13 — 17, 2025
An additional signal in favor of oil quotes growth this week will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the upper border of the “Triangle” model. The option of increasing BRENT oil quotes and prices during the trading week of January 13 — 17, 2025 will be cancelled if the price falls and breaks through the 68.65 level. This will indicate a breakout of the support area and a continuation of the oil fall to the area below the 60.05 level. With a breakout of the resistance area and closing of quotes above the 82.05 level.
BRENT Forecast January 13 — 17, 2025 suggests an attempt to test the support area near the 74.65 level. From where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 85.85. An additional signal in favor of increasing the oil price will be a test of the trend line on the relative strength indicator. The option of increasing will be cancelled if the price falls and breaks through the 68.65 area. This will indicate a breakout of the support area and a continuation of the decline in oil prices with a target below the 60.05 level.
