Brent crude oil is trading at 68.66 dollars per barrel. Brent oil is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in the Oil. Ichimoku Kinko Hyo Cloud is expected to test near the level of 69.65, from which one should expect a rebound attempt and continue the development of a bearish trend with a target to falling near the level of 67.00 dollars per barrel.
Analysis & forecast Brent Oil on February 1, 2018
Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of the signal lines at the level of 70.05. The cancellation of the drop in oil quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 70.40, which indicates a change in the bearish trend in favor of the upside. Expect to accelerate the fall in oil quotes Brent is with a breakdown of the level of 67.80.
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