BRENT oil quotes are ending the trading week near the $75.69 per barrel area. The moving averages indicate a bearish trend. Prices are testing the signal line area again, indicating pressure from raw material sellers and a potential continuation of the decline from current levels. At the moment, we should expect an attempt to develop a decline and test the support area near the 72.85 level. Then, we should consider an upward rebound and continued growth of oil to the area above the $83.75 per barrel level.
BRENT Weekly Forecast February 24 — 28, 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 lower border of the bullish channel. The cancellation of the option of BRENT oil quotes and prices growth in the trading week of February 24 — 28, 2025 will be a fall and a breakout of the 68.45 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the 60.55 level. With a breakout of the resistance area and closing of quotes above the level of 78.65.
BRENT Weekly Forecast February 24 — 28, 2025 suggests an attempt to test the support area near the level of 72.85. Where should we expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 83.75. 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 fall in price and a breakout of the 68.45 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 60.55.
