Brent crude is trading at $ 49.70 a barrel. Brent crude continues to trade below the lower boundary of the Ichimoku Cloud, indicating a downward trend in the Oil. It is expected to test the upper boundary of the Ichimoku Cloud near the level of 50.90, from which one should expect an attempt to drop and develop a bearish trend for Oil near level 46.80.
Ichimoku Kinko Hyo Brent Oil prediction on May 10, 2017
Earlier, we received a weak signal for purchases of Brent Oil, due to the crossing of the signal lines at the level of 49.00. 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 worth a breakdown of the local minimum area at 48.00.
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