Brent crude oil is trading at a level of 69.80 dollars per barrel. Brent crude is trading above the Ichimoku Kinko Hyo Cloud, which indicates a bullish trend in Oil. The test area of Ichimoku Kinko Hyo signal lines near the level 68.95 is expected, from which it is expected to attempt a rebound and continue the development of the bullish trend with the target of growth near the level of 71.60 dollars per barrel.
Analysis & forecast Brent Oil on March 28, 2018
An additional signal in favor of growth is the test of the lower boundary of the bullish channel. Earlier, a signal of medium strength was obtained for the buy of Brent Oil, due to the crossing of signal lines at 64.80.
Canceling the growth of oil quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 66.50, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of oil quotes Brent is with the breakdown of the resistance area and the closing above the level of 70.70.