Brent oil quotes continue to move within the development of a bullish correction and a descending channel. At the time of publication of the forecast, the price of Brent crude oil is $78.29 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 bearish correction and a test of the support level near the area of $79.45 per barrel. Then, a rebound downwards and a continuation of the fall in the oil rate to the area below the level of 70.65.
Brent Forecast for August 9, 2024
An additional signal in favor of a fall 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 upper border of the descending channel. The cancellation of the option of rising oil prices will be a drop in quotes and a breakout of the level of $82.95 per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above 87.95. A breakout of the support area and closing of Brent prices below 75.55 will confirm the fall in quotes and oil prices.
Brent Forecast for August 9, 2024 suggests an attempt to test the resistance level near the 79.45 area. Further, the continuation of the fall in oil with a target below 70.65. A test of the trend line on the relative strength indicator will be in favor of a decline in the asset. A strong growth and a breakout of the 82.95 level will cancel the option of a fall in Brent oil prices. This will indicate continued growth of quotes to the area above 87.95.
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