BRENT oil quotes are ending the trading week near the area of 63.82 dollars per barrel. Moving averages indicate the presence of a bearish trend. Prices broke through the area with signal lines downwards, which indicates pressure from raw material sellers and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a fall and a test of the support area near the level of 59.45. Then, it is worth considering an upward rebound and continued growth of oil to the area above the level of 71.05 dollars per barrel.
Brent Weekly Forecast May 12 — 16, 2025
An additional signal in favor of the growth of oil quotes this week will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the “Double Bottom” reversal pattern. The cancellation of the growth option for BRENT oil quotes and prices in the trading week of May 12 — 16, 2025 will be a fall and a breakout of the 55.45 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the 50.05 level. Confirmation of growth should be expected with a breakout of the resistance area and closing of quotes above the 69.55 level.
Brent Weekly Forecast May 12 — 16, 2025 suggests an attempt to test the support area near the 59.45 level. Where should we expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 71.05. An additional signal in favor of the rise in oil prices will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a price drop and a breakout of the 55.45 area. This will indicate a breakout of the support area and a continuation of the decline in oil prices with a target below the 50.05 level.
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