Brent crude oil is trading at 65.74 dollars per barrel. Brent oil is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in the Oil. The test area of the Ichimoku Kinko Hyo signal lines is expected near the level of 66.60, 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 63.70 dollars per barrel. An additional signal in favor of the fall will be a test of the lower boundary of the bearish channel.
Analysis & forecast Brent Oil on February 9, 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 a breakdown of the level of 65.20.
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