Brent crude oil is trading at $ 69.02 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 Ichimoku Kinko Hyo signal line area test is expected near the 68.70 level, from which one should expect a rebound attempt and continue the development of the bullish trend with the target of growth near the level of $ 71.10 per barrel. An additional signal in favor of oil growth will test the lower boundary of the bullish channel.
Analysis & forecast Brent Oil on January 11, 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 quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 66.40, 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 the breakdown of the upper boundary of the channel and closing above the level of 70.50.