Brent oil quotes continue to move within the growth and bullish channel. At the time of publication of the forecast, the price of Brent oil is $75.25 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices have broken through the area between the signal lines upwards, indicating pressure from buyers of “Black Gold” and a potential continuation of the asset’s growth from current levels. Now, we can expect an attempt at a bearish correction and a test of the support level near the $70.05 per barrel area. Further, prices will rebound upward and continue to rise above the $89.75 level.
Brent Weekly Forecast June 23 — 27, 2025
An additional signal in favor of growth in Brent oil quotes and prices will be a rebound from the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the downward channel. A fall and breakout of the $66.75 per barrel level will cancel the option of oil price growth. This will indicate a breakout of the support area and a continuation of the decline in BRENT quotes to below the 60.25 level. Confirmation of the growth in oil quotes and prices will be a breakout of the resistance area and the closing of Brent prices above the level of 80.65, which will indicate a breakout of the upper border of the downward channel.
Brent Weekly Forecast June 23 — 27, 2025 assumes an attempt to test the support level near the area of 70.05. Further, oil will continue to rise with a target above the 89.75 level. A test of the trend line on the relative strength indicator will support the asset’s rise. A fall and breakout of the 66.75 level will cancel the Brent oil price growth scenario. This will indicate a continuation of the decline in quotes to the area below the 60.25 level.
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