Brent crude oil is trading at $ 57.09 per barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating an bullish trend in Oil. The test of the upper limit of the Cloud of the indicator near the level 56 is expected, from which one should expect an attempt of growth and further development of the bullish trend with a target near the level of $ 60 per barrel.
Analysis & forecast Brent Oil on October 2, 2017
In support of rising oil prices, a test of the level of support will perform. Earlier, a strong signal was received for the buy of Brent Oil, due to the crossing of signal lines at 55.20. 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 55, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations of oil Brent is with a breakdown of the level of 59.