Brent crude is trading at $ 53.67 a 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, quotes of the pair test the upper boundary of the bands of the indicator Bollinger Bands. It is worth waiting for the attempt to decrease near the level of 52.60 and the test of the middle border of the bands, where again we should expect an attempt to continue growth with the first goal near the level of 54.90.
Bollinger Bands forecast Brent on April 3, 2017
The conservative buy area is located near the lower border of the Bollinger Bands indicator strip at the level of 51.60. The abolition of the option of continuing the growth of Brent Oil will be a breakdown of the lower border area, as well as the moving average and the closing of the pair’s quotes below the area of 50.50, which will indicate a change in the trend in favor of bearish on Brent Oil. In the event of a breakdown of the upper boundary of the indicator bars, it is expected to accelerate the growth of the pair to an area above the level of 54.90.
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