Brent crude oil is trading at 52.19 dollars per barrel. Brent crude continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating an bullish trend in oil. The Ichimoku Kinko Hyo Cloud upper limit test is expected near the level of 51.80 dollars per barrel, from which one should expect an attempt of growth and further development of the bullish trend with the target of growth near the level of 55.10 dollars per barrel.
Analysis & forecast Brent crude oil on August 9, 2017
Earlier, a strong signal was received for the buying of Brent Oil, due to the crossing of the signal lines at the level of 52.00. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 51.00, which will indicate a shift in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations for Brent Oil is worth a breakdown of the local maximum area at 54.60.