BRENT oil quotes are ending the trading week near the area of 77.84 dollars per barrel. Moving averages indicate a bearish trend. Prices are again testing the area with signal lines, 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 decline and a test of the support area near the level of 73.05. Then, we should consider an upward rebound and continued growth of oil to the area above the level of 88.05 dollars per barrel.
BRENT Forecast and Analysis October 7 — 11, 2024
An additional signal in favor of the growth of oil quotes this week will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the upper border of the descending channel. The cancellation of the option for the rise in BRENT oil quotes and prices on the trading week of October 7 — 11, 2024 will be a fall and a breakout of the 64.05 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the 45.65 level. With a breakout of the resistance area and closing of quotes above the 82.05 level, which will indicate a breakout of the upper border of the descending channel.
BRENT Forecast and Analysis October 7 — 11, 2024 suggests an attempt to test the support area near the 73.05 level. From where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 88.05. An additional signal in favor of the rise in oil prices 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 64.05 area. This will indicate a breakout of the support area and a continuation of the fall in oil prices with a target below the 45.65 level.
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