BRENT oil quotes are ending the trading week near the area of 77.86 dollars per barrel. Moving averages indicate the presence of a bearish trend. Prices broke through the area with signal lines upwards, which indicates pressure from buyers of raw materials and potential continuation of growth from the 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 75.05. Then, we should consider an upward rebound and continued growth of oil to the area above the level of 95.05 dollars per barrel.
BRENT Weekly Forecast January 27 — 31, 2025
An additional signal in favor of oil price 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 cancellation of the option of raising quotations and prices for BRENT oil in the trading week of January 27 — 31, 2025 will be a fall and a breakout of the 69.25 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the 63.25 level. With a breakout of the resistance area and closing of quotations above the 84.05 level, which will indicate a breakout of the upper border of the “Wedge” pattern and the beginning of the implementation of the pattern with targets at the top.
BRENT Weekly Forecast January 27 — 31, 2025 suggests an attempt to test the support area near the 75.05 level. Where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the 95.05 level. An additional signal in favor of raising oil prices will be a test of the trend line on the relative strength indicator. The growth scenario will be cancelled if the price falls and the 69.25 area is broken. This will indicate a breakout of the support area and a continuation of the decline in oil prices with a target below the 63.25 level.
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