Brent oil quotes continue to move within the growth development and descending channel. The potential for the formation of the reversal pattern “Double Bottom” remains. At the time of publication of the forecast, the price of Brent oil is 66.09 dollars per barrel. Moving averages indicate the presence of a short-term bearish trend in oil. Prices are testing the area between the signal lines again, which indicates pressure from the sellers of “Black Gold” and the potential continuation of the decline in the value of the asset from the current levels. At the moment, we should expect an attempt to develop the fall and test the support level near the area of 62.85 dollars per barrel. Further, a rebound upwards and continuation of oil rate growth to the area above the level of 75.05.
Brent oil forecast for May 13, 2025
An additional signal in favor of the rise in quotes and Brent oil prices will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower boundary of the “Double Bottom” reversal pattern. A fall and breakdown of the level of 56.65 dollars per barrel will cancel the variant of oil prices rise. This will indicate the breakdown of the support area and the continuation of the BRENT quotes fall to the area below the level of 47.65. The confirmation of the rise in quotes and oil prices will be the breakdown of the resistance area and the closing of Brent prices above the level of 70.05, which will indicate the breakdown of the upper boundary of the reversal pattern “Double Bottom” and the beginning of the pattern realization with upward targets.
Brent oil forecast for May 13, 2025 suggests an attempt to test the support level near the area of 62.85. Further, the continuation of oil growth with a target above the level of 75.05. In favor of the rise of the asset will be a test of the trend line on the relative strength indicator. Cancellation of the option of growth of Brent oil price will be a fall and breakdown of the level of 56.65. This will indicate the continuation of the quotes decline to the area below the level of 47.65.
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