Brent crude oil is trading at $ 70.65 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 70.35 is expected, from which it is expected to attempt a rebound and continue the development of the bullish trend with the target of rising near the level of 72.45 dollars per barrel. An additional signal in favor of rising oil prices will test the level of support.
Analysis & forecast Brent Oil on January 26, 2018
Earlier, a medium strength signal was received for the buy of Brent Oil, due to the crossing of the signal lines at 69.10.
Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 68.30, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations of oil Brent is worth a breakdown at 71.00.
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