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. Ichimoku Kinko Hyo indicator area signal line test is near the level of 57.25, from which it is expected to attempt a rebound and further development of the bullish trend with the aim of growth near the level of 59.35 dollars per barrel. An additional signal in favor of rising oil prices will test the lower boundary of the rising channel.
Analysis & forecast Brent Oil on October 20, 2017
Earlier, we received a weak signal for buy of Brent Oil, due to the intersection of the signal lines at the level of 56.50. 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 58.35.