Brent crude oil quotes continue to move within the framework of the fall development and the beginning of the implementation of the “Wedge” reversal model. At the time of the forecast publication, the price of Brent oil is 64.72 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 asset value fall from the current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 66.05 dollar per barrel area. Then, a downward rebound and a continued fall in the oil rate to the area below the 61.05 level.
Brent Oil Forecast for April 30, 2025
An additional signal in favor of a fall in quotes and prices for Brent oil will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper boundary of the descending channel. The cancellation of the scenario of falling oil prices will be a strong growth and a breakout of the level of 68.65 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 73.65. 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 62.05.
Brent Oil Forecast for April 30, 2025 suggests an attempt to test the resistance level near the area of 66.05. Further, the continuation of the fall of oil with a target below the level of 61.05. 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 68.65. This will indicate continued growth of quotes to the area above the level of 73.65.
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