Brent crude oil is trading at $ 65.04 per barrel. Brent oil is traded within the Ichimoku Kinko Hyo Cloud, which indicates the presence of a flat trend for Oil. Ichimoku Kinko Hyo Cloud is expected to test near the level of 65.75, 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 61.25 dollars per barrel. An additional signal in favor of the fall will be the formation of the bearish model «Wolfe Wave».
Analysis & forecast Brent Oil on February 22, 2018
Earlier, we received a weak signal for buy of Brent Oil, due to the crossing of signal lines at 62.95. 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 63.10.
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