Brent crude oil is trading at $ 69.24 a 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 Ichimoku Kinko Hyo signal lines near the level of 68.90 is expected, from which one should expect a rebound attempt and the continuation of the bullish trend development with the purpose of growth near the level of $ 71.60 per barrel. An additional signal in favor of oil growth will test the lower boundary of the rising channel.
Analysis & forecast Brent Oil on January 12, 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 Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 66.70, indicating 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.