BRENT oil quotes are ending the trading week near the area of 69.77 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 bearish correction and test the support area near the level of 67.35. Then, it is worth considering an upward rebound and continued growth of oil to the area above the level of 75.65 dollars per barrel.
Brent Weekly Forecast March 10 — 14, 2025
An additional signal in favor of the rise in oil quotes this week will be a test of the support line on the relative strength indicator, it is worth noting that there have already been rebounds from this line. The second signal will be a rebound from the lower border of the bearish channel. The cancellation of the growth option for BRENT oil quotes and prices in the trading week of March 10 — 14, 2025 will be a fall and a breakout of the 62.05 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the level of 55.05. With a breakout of the resistance area and closing of quotes above the level of 73.65, which will indicate a breakout of the upper border of the descending channel.
Brent Weekly Forecast March 10 — 14, 2025 suggests an attempt to test the support area near the level of 67.35. Where should we expect a rebound and an attempt to continue the growth of oil with a potential target at 75.65. An additional signal in favor of the rise 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 62.05 area. This will indicate a breakout of the support area and a continuation of the fall in the price of oil with a target below the level of 55.05.
