Brent crude oil quotes continue to move within the development of the correction and the descending channel. The potential for the formation of the “Double Bottom” reversal pattern remains. At the time of publication of the forecast, the price of Brent crude oil is 62.58 dollars per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of “Black Gold” and a potential continuation of the fall in the value of the asset from the current levels. At the moment, we should expect an attempt to develop a fall and a test of the support level near the area of 60.05 dollars per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 70.55.
Brent Oil Forecast for May 9, 2025
An additional signal in favor of the rise in quotes and prices for Brent oil will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the “Double Bottom” reversal pattern. The option of rising oil prices will be cancelled if the price falls and breaks through the level of $56.65 per barrel. This will indicate a breakout of the support area and a continuation of the fall in BRENT quotes to the area below the level of 48.05. The rise in quotes and oil prices will be confirmed by a breakout of the resistance area and closing of Brent prices above the level of 70.05, which will indicate a breakout of the upper border of the Double Bottom reversal pattern and the beginning of the implementation of the pattern with targets at the top.
Brent Oil Forecast for May 9, 2025 suggests an attempt to test the support level near the 60.05 area. Further, the continuation of oil growth with a target above the level of 70.55. A test of the trend line on the relative strength indicator will be in favor of the asset’s rise. The option of rising Brent oil prices will be cancelled if the price falls and breaks through the level of 56.65. This will indicate a continuation of the decline in quotes to the area below the level of 48.05.
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