Brent oil quotes continue to move within the framework of the decline development and the formation of the “Triangle” model. At the time of the forecast publication, the price of Brent crude oil is $ 77.51 per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of “Black Gold” and a potential continuation of the fall in the value of the asset from the current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of $ 78.55 per barrel. Then, a rebound downwards and a continuation of the fall in the oil rate to the area below the level of 73.25.
Brent Forecast for August 29, 2024
An additional signal in favor of a decrease in quotes and prices for Brent oil will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel, which was broken through by sellers downwards. The cancellation of the option of reducing oil prices will be a strong increase in quotes and a breakout of the level of $ 81.95 per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above 88.65. Confirmation of the fall in quotes and oil prices will be a breakout of the support area and closing of Brent prices below 73.05, which will indicate a breakout of the lower border of the “Triangle” pattern and the beginning of the pattern with targets below.
Brent Forecast for August 29, 2024 suggests an attempt to test the resistance level near the 78.55 area. Further, the continuation of the fall of oil with a target below 73.25. A test of the trend line on the relative strength indicator will be in favor of a decrease in the asset. Cancellation of the option of a fall in Brent oil prices will be a strong growth and a breakout of the 81.95 level. This will indicate a continuation of the growth of quotes to the area above 88.65.
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