Brent crude is trading at $ 51.13 per barrel. Brent oil broke through Ichimoku Cloud and began to trade above its upper limit, which indicates the presence of an upward trend in Oil. It is expected to test the upper boundary of the Ichimoku Kinko Hyo Cloud near the level of 49.90, from which one should expect an attempt to grow and develop the bullish trend for Oil near the level of 53.30.
Brent crude oil forecast for tomorrow on May 12, 2017
Earlier, we received a weak signal for purchases of Brent Oil, due to the crossing of the signal lines at the level of 49.00. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Ichimoku Cloud with the closing of quotations below the area of 48.50, which will indicate a change in the upward trend in favor of a downward trend. Expect to accelerate the growth of quotations for Brent Oil is worth a breakdown of the local maximum area at 52.30.
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