Brent crude oil is trading at $ 57.67 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of an bullish trend in Oil. Ichimoku Kinko Hyo indicator signal area test is near the level of 57.15, from which it is expected to attempt a rebound and further development of the bullish trend with the target of growth near the level of $ 59.00 per barrel.
Analysis & forecast Brent Oil on October 18, 2017
An additional signal in favor of rising oil prices will test the level of support. Earlier, we received a weak signal for buy of Brent Oil, due to the crossing of signal lines at 56.05. Canceling the growth of oil quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below area 56, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of oil quotes Brent is with a breakdown of the level of 58.30.