Brent crude oil is trading at $ 64.85 a 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 65.35, 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 61.35 dollars per barrel.
An additional signal in favor of the fall will be the test of the upper boundary of the bearish channel. Earlier, we received a weak signal for buy of Brent Oil, due to the crossing of signal lines at 62.95.
Analysis & forecast Brent Oil on February 19, 2018
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 66.50, which indicates a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is with the breakdown of the support area and the closure below the level of 61.30.
An additional signal in favor of the decline is the formation of the bearish model «Wolfe Wave». The target of working out the model is the area at the level of 62.50. The cancellation of the modification will be performed at the level of 66.30.
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