BRENT oil quotes are ending the trading week near the area of 75.68 dollars per barrel. Moving averages indicate the presence of a bearish trend. Prices broke through the area with signal lines downwards, which indicates pressure from sellers of raw materials 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 level of 71.45. Then, it is worth considering an upward rebound and continued growth of oil to the area above the level of 92.05 dollars per barrel.
BRENT Weekly Forecast February 3 — 7, 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 February 3 — 7, 2025 will be a fall and a breakout of the level of 66.65. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the level of 58.05. With a breakout of the resistance area and closing of quotes above the level of 84.05, which will indicate the consolidation of the price above the upper border of the “Wedge” pattern and the beginning of the implementation of the pattern with targets at the top.
BRENT Weekly Forecast February 3 — 7, 2025 suggests an attempt to test the support area near the level of 71.45. Where should we expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 92.05. 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 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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