Brent crude oil is trading at 62.78 dollars per barrel. Brent oil is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in the Oil. The test area of Ichimoku Kinko Hyo signal lines near the level of 64.05 is expected, from which it is expected to attempt a rebound and continue the development of a bearish trend with a target to falling near the level of 59.60 dollars per barrel. An additional signal in favor of the fall is the upper bound of the «Triangle» model.
Analysis & forecast Brent Oil on February 14, 2018
Previously, a strong signal was received for the sell of Brent Oil, due to the crossing of signal lines at 68.75. The cancellation of the drop in oil quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the 67.30 area, which will indicate a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is with the breakdown of the lower boundary of the model «Triangle» and the closure below the level of 61.30.