Brent crude oil is trading at 65.08 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 near the level 65.45 is expected to be tested, from which it is expected to attempt a rebound and continue the development of a bearish trend with a target to falling near the level of 61.85 dollars per barrel. An additional signal in favor of the fall will be the test of the upper boundary of the bearish channel.
Analysis & forecast Brent Oil on February 16, 2018
Previously, a strong signal was received for the sell of Brent Oil, due to the crossing of signal lines at 68.75. 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 quotations above the area of 66.60, which indicates a change in the bearish trend in favor of the bullish. Expect to accelerate the fall in oil quotes Brent is with the breakdown of the support area and the closure below the level of 61.60.
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