BRENT oil quotes are ending the trading week near the area of 81.22 dollars per barrel. Moving averages indicate the presence of a bearish trend. Prices broke through the area with signal lines upwards, which indicates pressure from raw material buyers and potential continuation of 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 75.85. Then, it is worth considering an upward rebound and continued growth of oil to the area above the level of 95.65 dollars per barrel.
BRENT Forecast January 20 — 24, 2025
An additional signal in favor of the growth of oil quotes 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 descending channel. The cancellation of the option of increasing quotes and prices for BRENT oil in the trading week of January 20 — 24, 2025 will be a fall and a breakout of the level of 71.75. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the level of 64.65. With a breakout of the resistance area and closing of quotes above the level of 85.05.
BRENT Forecast January 20 — 24, 2025 suggests an attempt to test the support area near the level of 75.85. Where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 95.65. An additional signal in favor of the rise in oil prices will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a price drop and a breakout of the 71.75 area. This will indicate a breakout of the support area and a continuation of the decline in oil prices with a target below the 64.65 level.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
