Brent crude oil prices continue to move as part of the growth trend and the formation of a “Wedge” reversal pattern. At the time of publication of this forecast, the price of Brent crude oil is $107.04 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices are again testing the area between the signal lines, indicating pressure from sellers of “Black Gold” and a potential continuation of the asset’s decline from current levels. At this point, we should expect an attempt at a bullish correction and a test of the resistance level near $109.75 per barrel. Subsequently, a downward rebound in prices and a continued decline in oil prices below $96.35 are expected.
Brent crude oil Forecast for May 12, 2026
An additional signal in favor of lower Brent quotes and prices will be a rebound from the resistance line on the relative strength indicator (RSI). A second signal will be a rebound from the upper boundary of the Wedge reversal pattern. A strong rise and a breakout of $113.55 per barrel will cancel out the downward trend in oil prices. This will indicate a breakout of the resistance area and a continued rise in BRENT quotes above $120.55. A breakout of the support area and a close of Brent prices below $103.05 will confirm the decline in quotes and prices, indicating a breakout of the lower boundary of the Wedge reversal pattern and the beginning of the pattern with targets below.
Brent crude oil Forecast for May 12, 2026 suggests an attempt to test resistance near 109.75. Further declines are expected, with a target below 96.35. A test of the trendline on the relative strength indicator (RSI) would support a decline. A strong rally and a breakout of 113.55 would invalidate the downward scenario for Brent oil. This would indicate a continued rise above 120.55.
