Brent oil quotes continue to move within the development of growth and a bearish channel. At the time of publication of the forecast, the price of Brent crude oil is $75.81 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 continuation of the growth of the asset value 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 $74.05 per barrel. Next, an upward rebound and continued growth of the oil rate to the area above the level of 82.75.
Brent Forecast for October 4, 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 upper border of the bearish channel. The cancellation of the option of growth in oil prices will be a drop in quotes and a breakout of the level of $68.05 per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below the level of 64.05. Confirmation of the growth of quotes and oil prices will be a breakout of the resistance area and closing of Brent prices above the level of 76.85, which will indicate a breakout of the upper border of the reversal pattern and the beginning of the development of the “Double Bottom” pattern with targets at the top.
Brent Forecast for October 4, 2024 suggests an attempt to test the support level near the 74.05 area. Further, the continuation of oil growth with a target above the level of 82.75. A test of the trend line on the relative strength indicator will be in favor of the rise of the asset. The cancellation of the growth option for Brent oil prices will be a fall and a breakout of the level of 68.05. This will indicate a continuation of the decline in quotes to the area below the level of 64.05.
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