Brent crude oil prices continue their movement within the development of a downward trend and the formation of an inverted head-and-shoulders pattern. At the time of publishing this forecast, the price for Brent is $64.12 per barrel. Moving averages indicate a short-term bearish trend in oil prices. Prices have breached the area between signal lines downwards, which indicates pressure from the sellers of ‘Black Gold’ and potential continuation of the price drop already at current levels. Currently, it’s reasonable to expect an attempt for a bullish correction and testing resistance level near the region of $65.15 per barrel. Following that, a decline in prices leading to continued fall in oil prices below the level of $60.60.
Brent oil forecast for May 23, 2025
Additional signals in favor of a decline in prices and Brent crude oil prices are the rejection from the resistance line on the Relative Strength Index (RSI). The second signal is a rejection from the upper boundary of the bear channel. Cancellation of the price drop option for Brent will be strong growth and penetration of the $68.25 per barrel level. This will indicate a breakout through the resistance area and continuation of the rise in Brent prices to an area above the 76.65 level. Confirmation of lower prices and Brent crude oil prices is breaking through the support area and closing Brent prices below the $62.55 level.
Brent crude oil Forecast for May 23, 2025suggests an attempt to test a resistance level close to the area of 65.15. Subsequently, continued oil decline with a target below the level of 60.60. A decrease in asset value will be indicated by testing the trend line on the Relative Strength Index (RSI) indicator. Cancellation of the Brent Oil price drop option will be a strong rise and break through the level of 68.25. This will indicate continuation of the rise in quotes to an area above the level of 76.65.
