Brent crude oil is trading at $ 57.01 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 Cloud is expected to test near the level of 56.90, from which one should expect a rebound attempt and further development of the bullish trend with a view to rising near the level of 58.45 dollars per barrel. An additional signal in favor of rising oil prices is the support area test.
Analysis & forecast Brent Oil on October 23, 2017
Earlier, we received a weak signal for buy of Brent Oil, due to the crossing 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.
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