Brent crude oil is trading at $ 52.26 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates an bullish trend in Brent crude oil. Ichimoku Kinko Hyo Cloud is expected to be tested near the level of $ 51.00, from which one should expect an attempt to grow and develop the bullish trend for Brent crude oil near the level of $ 53.80.
Brent crude oil price forecast on May 19, 2017
Earlier, we received a weak signal for buy of Brent oil, due to the crossing of the signal lines at the level of $ 49.00. Canceling the growth of brent oil quotations will be a breakdown of the lower boundary of the Cloud of Ichimoku Kinko Hyo with the closing of quotes below the area of $ 49.60, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of Brent crude oil quotations with the breakdown of the local maximum area at $ 53.00.
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