Brent crude oil is trading at $ 49.16 a barrel. Brent oil is trading below the lower boundary of the Ichimoku Cloud, which indicates a downward trend in the Oil. Oil prices are expected to rise near the level of 49.80, from which one should expect an attempt to drop and develop a bearish trend for Oil near the level of 45.30. Previously, a strong signal was received for the sale of Brent Oil, due to the intersection of signal lines at the level of 51.98.
Ichimoku Kinko Hyo Brent Oil Forecast on May 9, 2017
The cancellation of the drop in oil quotations will be a breakdown of the upper boundary of the Ichimoku Cloud with the closing of quotations above the area of 50.80, which will indicate a change in the downward trend in favor of the ascending trend. Expect to accelerate the fall in quotations for Brent Oil is with the breakdown of the local minimum area at 46.50.
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