Brent crude oil is trading at $ 52.20 per barrel. Brent crude oil continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating an bullish trend in oil. The price of oil is expected to drop to the level of 51.50 dollars per barrel, from which one should expect an attempt of growth and further development of the bullish trend with the aim of growth near the level of $ 54.50 per barrel.
Analysis & forecast Brent crude oil on August 2, 2017
Previously, a strong signal was received for the buying of Brent Oil, due to the crossing of signal lines at the level of 49.16. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Cloud of Ichimoku Kinko Hyo with the closing of quotes below the area of 49.70, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations for Brent Oil is worth a breakdown of the local maximum area at 54.00.
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