Brent crude oil is trading at 68.13 dollars per barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a bullish trend in Oil. The test area of the Ichimoku Kinko Hyo signal line is near the level of 68.00, from which one should expect a rebound attempt and continue the development of the bullish trend with the target of rising near the level of $ 70.20 per barrel.
Analysis & forecast Brent Oil on January 10, 2018
Earlier, we received a weak signal for buy of Brent Oil, due to the crossing of signal lines at the level of 63.80. Canceling the growth of oil quotes will be a breakdown of the lower boundary of the Cloud Ichimoku Kinko Hyo with the closing of quotations below the area of 66.05, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of oil quotes Brent is with a breakdown of the level of 68.70.