Brent crude oil is trading at $ 56.05 per barrel. Quotations for Oil are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Brent Oil. At the moment, Brent Oil quotes are moving near the upper boundary of the Bollinger Bands indicator bars. It is worth waiting for the test of the average border near the level of 55.50, from which one should expect an attempt to continue growth with the first goal near the level of 57.00.
Bollinger Bands Brent forecast April 12, 2017
The conservative buying area is near the lower border of the Bollinger Bands indicator strip at 54.40. The abolition of the option to continue the growth of Brent Oil will be a breakdown of the lower border area, as well as the moving average and the closing of oil quotes below the area of 53.50, indicating a change in the trend in favor of the bearish on Brent Oil. In the event of a breakdown of the upper boundary of the indicator bars, we should expect the growth of Brent to accelerate to an area above the level of 57.00.
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