Brent crude oil quotations continue their movement within the correction development and forming a “Triangle” model. At the time of this forecast publication, Brent crude oil price stands at $65.62 per barrel. Moving averages indicate a short-term bull trend for oil. Prices have breached the area between signal lines upwards, which points to buyers’ pressure on “Black Gold” and potential continuation of the asset’s value rise from current levels. Currently, one should anticipate an attempt for an upward move and testing the resistance level near $67.05 per barrel. Subsequently, a downturn followed by further oil price drop below the $61.05 level.
Brent crude oil Forecast for May 21, 2025
Additional signals for a decrease in the quotes and prices of Brent crude oil will be testing the resistance line on the Relative Strength Index (RSI). A second signal will be a bounce off the upper boundary of the “Triangle” model. Cancellation of the option of falling crude oil prices will be a strong rise and breaking through the $70.05 per barrel level. This will indicate a break in the resistance area and continued growth of the Brent quotes to an area above the 76.45 level. Confirmation of the drop in quotes and crude oil prices would come from breaching the support area and closing Brent prices below the $62.05 level.
Brent crude oil Forecast for May 21, 2025 anticipates a test of the resistance level near the area of 67.05. Subsequently, continuation of oil’s drop with a target below the level of 61.05. A decline in the asset will be supported by testing the trend line on the Relative Strength Index (RSI). Cancellation of the Brent Oil price drop option would be a strong rise and break through the level of 70.05, indicating continuation of the increase in quotations to an area above the level of 76.45.
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