BRENT oil quotes are ending the trading week near the $77.54 per barrel area. There is still potential for the completion of the Triangle pattern. The moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from raw material sellers and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a decline and test the support area near the 74.65 level. Then, we should consider an upward rebound and continued growth of oil to the area above the level of $101.95 per barrel.
BRENT Forecast and Analysis August 5 — 9, 2024
An additional signal in favor of oil quotes 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 lower border of the Triangle pattern. The cancellation of the growth option for BRENT crude oil quotes and prices in the trading week of August 5 — 9, 2024 will be a fall and a breakout of the 70.05 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the 64.05 level. With a breakout of the resistance area and closing of quotes above the level of 92.75, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
BRENT Forecast and Analysis August 5 — 9, 2024 suggests an attempt to test the support area near the level of 74.65. From where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 101.95. An additional signal in favor of an increase 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 drop in price and a breakout of the 70.05 area. This will indicate a breakout of the support area and a continuation of the decline in oil prices with a target below the level of 64.05.
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