BRENT oil quotes end the trading week near the area of 88.21 dollars per barrel. There is still potential for the completion of the formation of the “Double Bottom” reversal pattern. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of raw materials and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a fall and test the support area near the level of 84.25. Then, it is worth considering a rebound upward and continued growth of oil to the area above the level of $105.75 per barrel.
BRENT Forecast May 6 — 10, 2024
An additional signal in favor of rising oil prices this week will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase quotes and prices for BRENT oil in the trading week of May 6 — 10, 2024 will be a fall and a breakdown of the level of 78.05. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 65.95. With the breakdown of the resistance area and closing of quotes above the level of 99.05, we should expect confirmation of a rise in quotes and the beginning of the development of the “Double Bottom” reversal pattern.
BRENT Forecast May 6 — 10, 2024 suggests an attempt to test the support area near the level of 84.25. Where can we expect a rebound and an attempt to continue the growth of oil with a potential target at 105.75. An additional signal in favor of a rise in oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall in price and a breakdown of the 78.05 area. This will indicate a breakdown of the support area and a continued decline in oil prices with a target below 65.95.
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