Brent crude is trading at $ 51.88 a barrel. Brent oil is trading below the lower boundary of the Ichimoku Cloud, which indicates a downward trend in the Oil. It is expected to test the lower boundary of the Ichimoku Cloud near the level of 52.50, from which one should expect an attempt to drop and develop a bearish trend for Oil near the level of 50.70.
Ichimoku Kinko Hyo Brent crude oil Forecast on May 2, 2017
Earlier, we received a weak signal for purchases of Brent Oil, due to the intersection of signal lines at the level of 51.99. The cancellation of the fall option will be the breakdown of the upper boundary of the Ichimoku Cloud with the closing of quotations above the 54.00 area, which will indicate a change in the downward trend in favor of the upside. Expect the acceleration of the drop in quotes for Brent Oil is with the breakdown of the local minimum area at the level of 51.20.
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