Brent crude oil is trading at $ 67.16 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 signal line area test is near the level of 67.85, 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 65.50 dollars per barrel. An additional signal in favor of the fall of the pair is the resistance level test.
Analysis & forecast Brent Oil on February 8, 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 quotes above the area of 70.25, indicating 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 level of support and closing below 67.00.
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