Brent crude oil is trading at 64.03 dollars per barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in Oil. Ichimoku Kinko Hyo signal line area test is expected near the level of 63.70, from which one should expect a rebound attempt and continuation of the bullish trend development with the target of growth near the level of 66.50 dollars per barrel.
Analysis & forecast Brent Oil on November 13, 2017
An additional signal in favor of oil growth will test the lower boundary of the bullish channel. Earlier, a strong signal was received for the buy of Brent Oil, due to the crossing of signal lines at 61.30. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 61.40, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of oil quotes Brent is worth a breakdown of the level of 64.80.
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