Brent crude oil quotes continue to move within the growth and ascending channel. At the time of publication of the forecast, the price of Brent crude oil is $68.40 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices are pushed up from the area between the signal lines, which indicates pressure from buyers of "Black Gold" and the potential continuation of the growth of the asset value from the current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the area of $65.95 per barrel. Further, the continuation of the growth of the oil rate in the area above the level of $73.85.
Oil price analysis and forecast for May 7, 2021
An additional signal in favor of the growth of 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 bullish channel. The cancellation of the option of raising 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 fall in BRENT quotes to the area below the level of $60.55. Confirmation of the rise in quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of $71.05.
Oil price analysis and forecast for May 7, 2021
Thus, the analysis and forecast of oil prices for May 7, 2021 suggests an attempt to test the support level near the area of $65.95. Further, the continuation of the rise with a goal above the level of $73.85. In favor of growth, the trend line test on the relative strength indicator will act. The cancellation of the option of raising the price of Brent oil will be a fall and a breakdown of the level of $64.05. This will indicate the continuation of the fall of the quotes in the area below the level of $60.55.