BRENT oil quotes are ending the trading week near the $76.29 per barrel area. Moving averages indicate a bearish trend. Prices are testing the area with signal lines, which indicates pressure from raw material sellers and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support area near the level of 74.35. Then, we should consider an upward rebound and continued growth of oil to the area above the level of $84.65 per barrel.
BRENT Forecast January 6 — 10, 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 “Triangle” pattern. The cancellation of the option of increasing quotes and prices for BRENT oil in the trading week of January 6 — 10, 2025 will be a fall and a breakout of the 68.65 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the level of 60.05. With a breakout of the resistance area and closing of quotes above the level of 80.05, we should expect confirmation of oil growth, which will indicate a breakout of the upper boundary of the descending channel.
BRENT Forecast January 6 — 10, 2025 suggests an attempt to test the support area near the level of 74.35. From where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 84.65. An additional signal in favor of an increase in the price of oil will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a drop in price and a breakout of 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 level of 60.05.
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