Brent crude oil is trading at $ 50.32 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 area of signal lines near the level of 51.10, from which one should expect an attempt to drop and develop the bearish trend for Oil near the level of 48.90.
Ichimoku Kinko Hyo Brent Forecast on May 5, 2017
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. The cancellation of the fall option will be a breakdown of the upper boundary of the Ichimoku Cloud with the closing of quotations above the area of 52.80, which will indicate 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 the level of 49.50.
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