Brent crude oil is trading at $ 70.03 per barrel. Brent oil is traded within the Ichimoku Kinko Hyo Cloud, which indicates the presence of a flat trend for Oil. The Ichimoku Kinko Hyo Cloud upper limit test is expected near the level of 70.20, 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 68.70 dollars per barrel.
Analysis & forecast Brent Oil on February 5, 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 70.55, indicating a change in the flat trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is with the breakdown of the lower boundary of the Cloud and the closure below 69.50.
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