Brent crude oil is trading at $ 55.98 a barrel. Brent oil is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in the Oil. The test of the lower boundary of the Indicator Cloud is expected near the level of 56.70, from which it is expected to attempt a rebound and further development of the bearish trend with the target of reducing near the level of 53.50 dollars per barrel.
Analysis & forecast Brent Oil on October 4, 2017
Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of signal lines at the level of 57.55. The cancellation of the drop in oil quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above area 58, which will indicate a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is at breakdown level 55.