Oil Brent completes the trading week at $ 50.89 per barrel. Brent oil is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a downward trend in Oil. It is expected to test the area of signal lines near the level of 51.70, from which one should expect an attempt to drop and develop a bearish trend for Oil near the level of 45.00.
Brent forecast crude oil prices on May 15 — 19, 2017
Earlier, a medium strength signal was generated for the sale of Brent Oil, due to the intersection of signal lines at the level of 53.50. Cancellation of the fall option 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, which indicates a change in the downward trend in favor of the ascending trend. Expect the acceleration of the drop in quotes for Brent Oil is with the breakdown of the local minimum area at 46.50.
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