Brent crude oil is trading at $ 69.38 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a bullish trend in Oil. The Ichimoku Kinko Hyo Cloud upper limit test is expected near the level 68.65, from which it is expected to attempt a rebound and continue the development of the bullish trend with the target of rising near the level of 72.20 dollars per barrel.
Brent Oil forecast & analysis for April 2, 2018
An additional signal in favor of growth will be a test of the lower border of the channel, as well as a test of the support level. Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of the signal lines at the level of 69.30.
Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 66.90, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of oil quotes Brent is with the breakdown of the resistance area and the closing above the level of 70.70.