Brent crude oil is trading at $ 69.39 per barrel. Brent crude is trading above the Ichimoku Kinko Hyo Cloud, which indicates a bullish trend in Oil. The Ichimoku Kinko Hyo Cloud upper limit test is expected near the level of 68.25, from which it is expected to attempt a rebound and continue the development of the bullish trend with a target to rising near the level of 72.20 dollars per barrel.
Analysis & forecast Brent Oil on March 29, 2018
An additional signal in favor of growth will be a test of the lower border of the channel, as well as a test of the support level. 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 quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 66.80, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations of Brent crude oil is with the breakdown of the resistance area and the closing above the level of 70.90.