The Brent crude oil prices continue their movement within the scope of a correction development and a descending channel. The current Brent price at the time of this forecast is $64.81 per barrel. Moving averages indicate a short-term bearish trend for oil prices. Prices are once again testing the area between the signal lines, which points to sellers’ pressure on “Black Gold” and potential continuation of asset value decline from current levels. At present, one can expect an attempt at developing a bull correction and testing the resistance level close to the $66.05 price per barrel area. Following that, a drop in prices and further oil price depreciation into the region below the $56.75 level.
Brent crude oil Forecast for May 29, 2025
Additional indications of a decline in prices and the Brent oil quotes will be a breakdown from the resistance line on the Relative Strength Index (RSI). The second signal will be a breakdown from the upper boundary of the “Triangle” model. Cancellation of the option for falling oil prices would be a strong rise and a break above the $71.50 per barrel level. This would indicate a breakout of the resistance area and continued growth in the Brent quotes to an area above the 77.55 level. Confirmation of the decline in prices and oil quotes would be a breakdown of the support zone and closing Brent prices below the $59.45 level, indicating a breach of the lower boundary of the model and the start of pattern implementation with targets downwards.
Brent crude oil Forecast for May 29, 2025 anticipates a test of the resistance level near the area of 66.05. Subsequently, continuation of oil decline towards levels below 56.75. A bearish move on the asset will be indicated by testing the trend line in the Relative Strength Index (RSI). Cancellation of the Brent Oil price drop option is a strong upward movement and breaking above level 71.50. This signals further rise to quote areas above the region of 77.55.
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