Brent crude oil is trading at $ 69.39 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in Oil. Ichimoku Kinko Hyo Cloud is expected to test near the level of 68.80, from which it is expected to attempt a rebound and continue the development of a bullish trend with the target of rising near the level of 71.95 dollars per barrel. An additional signal in favor of oil growth will test the level of support.
Analysis & forecast Brent Oil on January 18, 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 quotations below the area of 67.90, which will indicate a change in the bullish trend in favor of a 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 70.70.
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