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 65.08 dollars per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices broke through the area between the signal lines upwards, which indicates the pressure from the buyers of “Black Gold” and potential continuation of the growth of the asset value already from the current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the area of 63.35 dollars per barrel. Further, a rebound upwards and continuation of oil rate growth to the area above the level of 71.35.
Brent Oil Forecast for May 14, 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 62.05 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 53.65. 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 the targets above.
Brent Oil Forecast for May 14, 2025 suggests an attempt to test the support level near the area of 63.35. Further, the continuation of oil growth with a target above the level of 71.35. 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 Brent oil price growth will be a fall and breakdown of the level of 62.05. This will indicate the continuation of quotes decline to the area below the level of 53.65.
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