Brent crude oil is trading at 68.66 dollars per barrel. Brent oil is traded within the Ichimoku Kinko Hyo Cloud, which indicates the presence of a flat trend for Oil. Ichimoku Kinko Hyo Cloud is expected to test near the level of 68.40, 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 71.75 dollars per barrel.
Analysis & forecast Brent Oil on January 22, 2018
An additional signal in favor of oil growth will test the level of support. Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of signal lines at the level of 69.60. 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 67.90, indicating a change in the flat 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 Indicator Cloud and the closing above the level of 69.90.
In favor of rising oil prices is also the formation of a bullish model «Wolfe Wave». The target for working out this model is the area at the level of 70.30. Abolition of growth will break through the area of 67.70.
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