Brent crude oil completes the trading week at 52.24 dollars per barrel. Brent oil broke through the Ichimoku Kinko Hyo Cloud and began to trade above its upper limit, indicating an upward trend in Oil. The Ichimoku Kinko Hyo Cloud upper boundary test is expected near the level of 50.55, from which one should expect an attempt to grow and develop the bullish trend for oil with a target to growth near the level of 55.90.
Forecast Brent crude oil on July 31 — August 4, 2017
Earlier, a weak signal was generated for the buying of Brent crude oil, due to the crossing of signal lines at the level of 47.80. 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 47.00 area, which will indicate a shift in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations for Brent crude oil is worth a breakdown of the local maximum area at 54.80.
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