BRENT oil quotes are ending the trading week near the area of 72.96 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 bullish correction and a test of the resistance area near the level of 79.45. Then, it is worth considering a rebound downwards and a continuation of the fall in oil to the area below the level of 58.45 dollars per barrel.
Brent Weekly Forecast March 3 — 7, 2025
An additional signal in favor of a decrease in oil quotes 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 bearish channel. The cancellation of the option of a fall in quotes and prices for BRENT oil in the trading week of March 3 — 7, 2025 will be a strong growth and a breakout of the level of 85.05. This will indicate a breakout of the resistance area and a continuation of oil growth to the area above the level of 92.65. With a breakout of the support area and closing of quotes below the level of 70.05.
Brent Weekly Forecast March 3 — 7, 2025 suggests an attempt to test the resistance area near the level of 79.45. Where we should expect a rebound and an attempt to continue the fall in oil with a potential target at the level of 58.45. An additional signal in favor of a decrease in oil prices will be a test of the trend line on the relative strength indicator. The cancellation of the fall option will be a strong price growth and a breakout of the 85.05 area. This will indicate a breakout of the resistance area and continued growth in oil prices with a target above the 92.65 level.
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