Brent crude oil quotes continue within the context of a corrective development and forming a “Triangle” pattern. At the time of this forecast publication, the price for Brent is $65.62 per barrel. Moving averages point to a short-term bullish trend in oil prices. The prices broke through the area between signal lines upwards, indicating pressure from buyers of “Black Gold” and the potential continuation of asset value growth already from current levels. Currently, we should expect an attempt at developing an upward movement and testing the resistance level close to the $67.45 per barrel area. Subsequently, a downward bounce and further oil price decline into an area below the $60.55 level.
Brent crude oil Forecast for May 22, 2025
Additional signals supporting the decline in prices and Brent crude oil prices would be testing the resistance line on the Relative Strength Index (RSI) indicator. A second signal would be a bounce off the upper boundary of the ‘Triangle’ model. Cancellation of the option for falling oil prices would be a strong rise above $70.05 per barrel, indicating a breach of the resistance area and further growth in Brent quotes into the region above $76.45. Confirmation of the decline in prices and Brent oil prices would come from breaking the support area and closing Brent prices below the level of $62.05.
Brent crude oil Forecast for May 22, 2025, anticipates a test of the resistance level near the area of 67.45. Following this, continued decline in oil prices aiming at levels below 60.55. A downward movement is supported by testing the trend line on the relative strength indicator. Cancellation of the Brent crude oil price drop scenario would be a strong rise and break of the level 70.05. This would indicate continuation of the rise in quotations to areas above the level of 76.45.
