Brent crude oil is trading at $ 49.15 per barrel. Brent oil broke through the Ichimoku Kinko Hyo Cloud and began to trade above its upper limit, indicating an bullish trend in Oil. Oil prices are expected to drop to the level of $ 48.40 per barrel, from which one should expect an attempt of growth and further development of the bullish trend with the purpose of growth near the level of $ 51.00 per barrel.
Brent forecast & analysis crude oil on July 18, 2017
Earlier, a medium strength signal was received for the buying of Brent crude oil, due to the crossing of signal lines at level 47.60. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Cloud of Ichimoku Kinko Hyo with the closing of quotations below the area of 46.90, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations for Brent Oil is worth a breakdown of the local maximum area at the level of 50.40.
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