Brent crude oil is trading at $ 56.70 a barrel. Brent oil is traded within the Ichimoku Kinko Hyo Cloud, which indicates the presence of a flat trend for Oil. A level 56.75 test is expected, from which one should expect an attempt to rebound and further develop the bearish trend with a view to lowering near the level of $ 54.40 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 13, 2017
Previously, a strong signal was received for the sell 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 flat 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.
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