Brent crude oil quotes continue to move within the correction and left the bullish channel. At the time of publication of the forecast, the price of Brent crude oil is $67.48 per barrel. Moving averages indicate the presence of a short-term bearish trend in oil. However, prices broke through the area between the signal lines down, which indicates pressure from sellers of "Black Gold" and the 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 growth and test the resistance level near the area of 68.15 dollars per barrel. Further, the continuation of the fall of the oil exchange rate to the area below the level of 62.15.
An additional signal in favor of a decline in quotations and prices for Brent oil will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 69.75 Dollars per barrel. This will indicate the breakdown of the resistance area and the continuation of the rise in BRENT quotes to the area above the level of 73.25. Confirmation of the fall in quotes will be the breakdown of the support level and the closing of Brent prices below the level of 64.55.
Brent Oil price analysis and forecast for May 25, 2021
Thus, the analysis and forecast of oil prices for May 25, 2021 suggests an attempt to test the resistance level near the area of 68.15. Further, the continuation of the fall with a goal below the level of 62.15. In favor of a decline, the trend line test on the relative strength indicator will act. The cancellation of the option of falling Brent oil prices will be a strong growth and a breakdown of the level of 69.75. This will indicate the continuation of the rise in quotations in the area above the level of 73.25.