Brent crude oil is trading at a level of 55.50 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 of the lower boundary is expected. Ichimoku Kinko Hyo indicator cloud near the level of 56.00, from which one should expect a rebound attempt and further development of the bearish trend with the target of reducing near the level of 53.70 dollars per barrel.
Analysis & forecast Brent Oil on October 11, 2017
An additional signal in favor of the fall in oil prices will be the test of the upper boundary of the bearish channel. Previously, a strong signal was received for the sell of Brent Oil, due to the crossing of the signal lines at the level of 55.95. Canceling the variant of falling oil quotes will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 57.30, which indicates a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is at breakdown level 55.