BRENT oil quotes end the trading week near the area of 80.50 dollars per barrel. The potential for the formation of a “Triangle” model remains. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from commodity sellers and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a fall and test the support area near the level of 78.05. Then, it is worth considering a rebound upward and continued growth of oil to the area above the level of $98.55 per barrel.
BRENT Forecast May 27 — 31, 2024
An additional signal in favor of rising oil prices this week will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase quotes and prices for BRENT oil in the trading week of May 27 — 31, 2024 will be a fall and a breakdown of the level of 72.05. This will indicate a breakdown of the support area and a continued fall of oil to the area below the level of 66.55. With the breakdown of the resistance area and closing of quotes above the level of 92.05, we should expect confirmation of a rise in quotes and the beginning of the development of the “Triangle” model.
BRENT Forecast May 27 — 31, 2024 suggests an attempt to test the support area near the level of 78.05. Where can we expect a rebound and an attempt to continue the growth of oil with a potential target at 98.55. An additional signal in favor of a rise in oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall in price and a breakdown of the 72.05 area. This will indicate a breakdown of the support area and a continued decline in oil prices with a target below 66.55.
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