Brent crude oil is trading at $ 59.22 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a bullish trend in Oil. Ichimoku Kinko Hyo signal line area test is near the level of 58.55, 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 $ 60.50 per barrel.
Analysis & forecast Brent Oil on October 30, 2017
Previously, a strong signal was received for the buy of Brent Oil, due to the crossing of the signal lines at the level of 57.40. Canceling the growth of oil quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 57.30, 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 at breakdown level 60.