Brent crude oil completes the trading week at the level of $ 53.76 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. Ichimoku Kinko Hyo Cloud near the $ 54.00 per barrel level is expected to be tested near the level of $ 54.00 per barrel, from which one should expect an attempt to fall and develop the bearish trend for Oil near the level of $ 50.90 per barrel.
Brent crude oil weekly forecast on May 22 — 26, 2017
Earlier, a medium strength signal was generated for the sale of Brent crude oil, due to the crossing of signal lines at the level of $ 53.50 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 $ 53.20 per barrel, which indicates a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in quotes for Brent Oil is worth a breakdown of the local minimum area at the level of $ 51.70 per barrel.
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