Brent crude oil is trading at $ 60.79 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a bullish trend in Oil. Ichimoku Kinko Hyo Cloud is expected to test near the level of 59.50, from which it is expected to attempt a rebound and further development of the bullish trend with a target near the level of 63.50 dollars per barrel.
Analysis & forecast Brent Oil on November 6, 2017
Previously, a strong signal was received for the buy of Brent Oil, due to the crossing of the signal lines at the level of 57.40. 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 58.60, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations of oil Brent is with a breakdown of the level of 61.70.
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