Brent crude oil is trading at $ 56.43 per barrel. Brent oil is traded within the Ichimoku Kinko Hyo Cloud, which indicates the presence of a flat trend for Oil. A test of level 56.45 is expected, from which one should expect an attempt to rebound and further develop the bearish trend with the aim of reducing near the level of 53.70 dollars per barrel. An additional signal in favor of the fall in oil prices will be the test of the upper boundary of the bearish channel.
Analysis & forecast Brent Oil on October 12, 2017
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. Cancellation of the drop in oil quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 57.40, indicating a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is worth a breakdown of the level of 55.80.