BRENT oil quotes are ending the trading week near the area of 72.64 dollars per barrel. There is still potential for completing the formation of the “Triangle” model. Moving averages indicate the presence of a bearish trend. Prices broke 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 level of 67.05. Then, we should consider an upward rebound and continued growth of oil to the area above the level of 77.85 dollars per barrel.
BRENT Forecast and Analysis September 16 — 20, 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 lower border of the “Triangle” model. The cancellation of the growth option for BRENT oil quotes and prices in the trading week of September 16 — 20, 2024 will be a fall and a breakout of the level of 62.55. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the level of 57.05. With a breakout of the resistance area and closing of quotes above the level of 76.85, which will indicate a breakout of the upper border of the descending channel.
BRENT Forecast and Analysis September 16 — 20, 2024 suggests an attempt to test the support area near the level of 67.05. Where should we expect a rebound and an attempt to continue the growth of oil with a potential target at 77.85. 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 62.55 area. This will indicate a breakout of the support area and a continuation of the decline in the price of oil with a target below the level of 57.05.
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