Brent crude oil prices continue to move within the context of a correction development and forming a “Triangle” model. At the time of this forecast, the Brent crude oil price is $66.11 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices are again testing the area between signal lines, which indicates pressure from gold buyers (“Black Gold”) and potential continuation of the asset’s value decline already from current levels. Currently, it is expected that there will be an attempt to develop a downward move and test the support level close to the $62.95 region per barrel. Further, a price bounce upwards and continuation of the rise in oil prices into the area above the $73.65 level should be anticipated.
Brent crude oil Forecast for June 5, 2025
Additional signals in favor of the growth of quotes and prices for Brent crude oil would be a bounce off the support line on the Relative Strength Index (RSI) indicator. The second signal will be a bounce off the upper boundary of the descending channel. Cancellation of the option of rising oil prices will be a drop below the $58.05 per barrel level. This will indicate a break of the support area and continuation of the Brent quotes fall to an area below the 50.65 level. Confirmation of growth in quotes and oil prices would be breaking the resistance zone and closing the Brent prices above the $69.55 level, which will indicate a breach of the upper boundary of the “Triangle” model pattern and beginning of the implementation with targets upwards.
Brent crude oil Forecast for June 5, 2025 anticipates a test of the support level near the area of 62.95. Subsequently, an increase in oil prices with a target above the level of 73.65. An upward movement in the asset will be facilitated by testing the trend line on the Relative Strength Index (RSI). The rejection of the price increase option for Brent crude oil occurs with a drop below and penetration of the level at 58.05, indicating further downward continuation to an area below the level of 50.65.
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