Brent crude Oil closes the trading week near the level of 64.93 dollars per barrel. Brent crude continues to trade below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in the Oil. The Ichimoku Kinko Hyo Cloud lower limit test is expected near the level of 65.50, from which it is expected to attempt a rebound and further development of the bearish trend in Oil with a target near the level of 57.45. An additional signal in favor of falling oil prices will be a resistance level test, as well as the formation of the «Head and Shoulders» reversal model.
Analysis & forecast Brent oil on February 19 — 23, 2018
Earlier, a weak signal was generated for the sell of Brent Oil, due to the crossing of the signal lines at the level of 69.00. 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 68.50, which will indicate a change in the bearish trend in favor of the bullish trend. Expect the acceleration of the drop in quotes for Brent Oil is with the breakdown of the support level and the closing below the area of 60.50.
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