Brent crude oil is trading at a level of 57.85 dollars per 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. The test area of Ichimoku Kinko Hyo indicator lines near the level of 57.25 is expected, from which it is expected to attempt a rebound and further development of the bullish trend with a target to rising near the level of $ 59.00 per barrel. An additional signal in favor of rising oil prices will test the level of support.
Analysis & forecast Brent Oil on October 19, 2017
Earlier, we received a weak signal for buy of Brent Oil, due to the crossing of signal lines at 56.5. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 56.45, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations of oil Brent is worth a breakdown of the level of 58.45.
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