BRENT oil quotes are ending the trading week near the 74.86 dollar per barrel area. The moving averages indicate a bearish trend. Prices have broken through the area with signal lines downwards, which indicates pressure from raw material sellers and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a decline and a test of the support area near the 71.75 level. Then, we should consider an upward rebound and continued growth of oil to the area above the 88.65 dollar per barrel level.
BRENT Weekly Forecast February 10 — 14, 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 descending channel. The option of increasing BRENT oil quotes and prices during the trading week of February 10 — 14, 2025 will be cancelled if the price falls and breaks through the 66.65 level. This will indicate a breakout of the support area and a continuation of the oil fall to the area below the 58.05 level. With a breakout of the resistance area and closing of quotes above the 82.05 level, which will indicate the price consolidation above the upper border of the descending channel.
BRENT Weekly Forecast February 10 — 14, 2025 suggests an attempt to test the support area near the 71.75 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 88.65. An additional signal in favor of increasing oil prices 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 66.65 area. This will indicate a breakout of the support area and a continuation of the decline in oil prices with a target below the 58.05 level.
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