BRENT oil prices ended the trading week near $66.55 per barrel. Moving averages indicate a bearish trend. Prices broke through the signal lines downwards, indicating pressure from commodity sellers and a potential continuation of the decline from current levels. Now, we should expect an attempt at a bullish correction and a test of the resistance area near the level of $67.95. Then, we should consider a downward rebound and a continuation of the decline in oil to an area below the level of $54.05 per barrel.
Brent Weekly Forecast June 9 — 13, 2025
An additional signal in favor of a decline in oil prices this week will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper border of the “Triangle” pattern. A strong rise and a breakout above the level of $72.05 will cancel the scenario of a decline in BRENT oil prices during the trading week of June 9 — 13, 2025. This will indicate a breakout of the resistance area and a continuation of oil growth to the area above the level of $78.45. Confirmation of the decline should be expected with a breakout of the support area and the closing of quotes below the level of 58.55, which will indicate a breakout of the lower boundary of the “triangle” model and the beginning of the implementation of the pattern with targets below.
Brent Weekly Forecast June 9 — 13, 2025 suggests an attempt to test the resistance area near the 67.95 level. From there, we can expect a rebound and an attempt to continue the decline in oil prices with a potential target at 54.05. An additional signal in favor of a decline in oil prices will be a test of the trend line on the relative strength indicator. A strong price increase and a breakout of the 72.05 area will cancel the decline scenario. This will indicate a breakout of the resistance area and a continuation of oil price growth with a target above the 78.45 level.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
