Brent oil quotes continue to move within the framework of the development of the rise and the formation of the “Triangle” model. At the time of publication of the forecast, the price of Brent crude oil is 77.35 dollars per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices broke 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 decline and a test of the support level near the area of 75.05 dollars per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 85.35.
Brent Forecast for September 4, 2024
An additional signal in favor of the growth of quotes and prices for Brent oil will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the “Triangle” model. The cancellation of the option of growth in oil prices will be a drop in quotes and a breakout of the level of 72.05 dollars 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 65.65. 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 80.65, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
Brent Forecast for September 4, 2024 suggests an attempt to test the support level near the 75.05 area. Further, the continuation of oil growth with a target above the level of 85.35. A test of the trend line on the relative strength indicator will be in favor of the asset’s rise. The cancellation of the growth option for Brent oil prices will be a fall and a breakout of the level of 72.05. This will indicate a continuation of the decline in quotes to the area below the level of 65.65.
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