Brent oil quotes continue to move within the development of an aggressive bearish correction and a bullish channel. At the time of publication of the forecast, the price of Brent crude oil is $77.84 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 upwards, which indicates pressure from buyers of “Black Gold” and potential continued growth in the value of the asset from the current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the area of $75.85 per barrel. Next, an upward rebound and continued growth of the oil rate to the area above the level of 86.25.
Brent Forecast for October 15, 2024
An additional signal in favor of growth in quotes and prices for Brent oil will be a test of the broken trend line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of growth in oil prices will be a drop in quotes and a breakout of the level of $72.85 per barrel. This will indicate a breakout of the support area and a continuation of the fall in BRENT quotes to the area below 67.05. A breakout of the resistance area and closing of Brent prices above 82.25 will confirm the growth of quotes and oil prices, which will indicate a breakout of the upper boundary of the descending channel.
Brent Forecast for October 15, 2024 suggests an attempt to test the support level near the 75.85 area. Further, the continuation of oil growth with a target above 86.25. A test of the trend line on the relative strength indicator will be in favor of the asset’s rise. A fall and a breakout of the 72.85 level will cancel the growth option for Brent oil. This will indicate a continuation of the decline in quotes to the area below 67.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
