Brent crude oil quotes continue to move within the correction and the descending channel. At the time of publication of the forecast, the price of Brent crude oil is $68.16 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices broke through the area between the signal lines up, which indicates pressure from buyers of "Black Gold" and the potential continuation of the rise in the value of the asset from the current levels. At the moment, we should expect an attempt to develop a correction and test the support level near the area of $65.75 per barrel. Further, the continuation of the growth of the oil rate in the area above the level of 72.95.
An additional signal in favor of the rise in quotations 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 ”Head and Shoulders " reversal pattern. The cancellation of the option of an increase in oil prices will be a fall and a breakdown of the level of 64.05 dollars per barrel. This will indicate the breakdown of the support area and the continuation of the decline in BRENT quotes to the area below the level of 61.55. Confirmation of the rise in quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of 70.05.
Brent Oil price analysis and forecast for May 28, 2021
Thus, the analysis and forecast of oil prices for May 28, 2021 suggests an attempt to test the support level near the area of 65.75. Further, the continuation of growth with a goal above the level of 72.95. In favor of the rise, the trend line test on the relative strength indicator will act. The cancellation of the option of Brent oil price growth will be a fall and a breakdown of the level of 64.05. This will indicate a continuation of the decline in quotations in the area below the level of 61.55.