Brent crude oil is trading at $ 70.31 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in Oil. The test area of the Ichimoku Kinko Hyo signal line is near the level of 69.80, from which one should expect a rebound attempt and continue the development of the upward trend with the target of growth near the level of 72.80 dollars 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 17, 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 Cloud of Ichimoku Kinko Hyo with the closing of quotes below the area of 67.70, 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 the closing above the level of 71.70.
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