Brent crude oil is trading at $ 51.94 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates an bullish trend in Oil. Oil prices are expected to drop to the level of 51.00 dollars per barrel, from which one should expect an attempt of growth and further development of the bullish trend with the target of growth near the level of $ 54.20 per barrel.
Brent crude oil forecast & analysis on August 1, 2017
Previously, a strong signal was received for the purchase of Brent Oil, due to the crossing of signal lines at the level of 49.16. 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 49.20, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations for Brent crude Oil is worth a breakdown of the local maximum area at the level of 53.70.
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