Brent crude Oil completes the trading week near the level of 57.67 dollars per barrel. Brent crude continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating an bullish trend in oil. Ichimoku Kinko Hyo signal line area test is near the level of 57.00, from which one should expect an attempt to grow and develop the bullish trend for Oil with a target near level 62. An additional signal in favor of rising oil prices will be a test of the lower boundary of the bullish channel.
Analysis & forecast Brent oil on October 23 — 27, 2017
Previously, a strong signal was generated for the buy of Brent Oil, due to the crossing of the signal lines at the level of 56.90. 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 53.65, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations for Brent Oil is worth a breakdown of the area of 58.90.
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