Brent crude oil is trading at $ 50.12 per barrel. Brent crude oil continues to trade below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a downward trend in the Oil. It is expected to test the area of signal lines near the level of $ 50.60 per barrel, from which one should expect an attempt to drop and develop a bearish trend for Oil near the level of $ 47.50 per barrel.
Brent crude oil forecast & analysis June 5, 2017
Earlier, a weak signal was received for the sale of Brent Oil, due to the intersection of the signal lines at the level of $ 53.15 per barrel. 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 quotes above the area of $ 52.50 per barrel, which will indicate a change in the downward trend in favor of the upside. Expect to accelerate the fall in quotations for Brent Oil is worth a breakdown of the local minimum area at the level of $ 48.20 per barrel.
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