Brent oil quotes continue to move as part of the decline and the beginning of the “Triangle” pattern. At the time of publication of the forecast, the price of Brent crude oil is $72.72 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 growth and a test of the resistance level near the area of $73.05 per barrel. Then, a rebound downwards and a continuation of the fall in the oil rate to the area below the level of 66.85.
Brent Forecast for September 5, 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 falling oil prices will be a strong increase in quotes and a breakout of the level of $79.65 per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above 84.65. A breakout of the support area and closing of Brent prices below 68.55 will confirm the fall in quotes and oil prices.
Brent Forecast for September 5, 2024 suggests an attempt to test the resistance level near the 73.05 area. Further, the continuation of the fall in oil with a target below 66.85. 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 79.65 level will cancel the option of a fall in Brent oil prices. This will indicate continued growth in quotes to the area above 84.65.
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