Brent crude oil is trading at $ 70.20 per 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 70.00 is expected, from which it is expected to attempt a rebound and continue the development of the upward trend with a view to rising near the level of 72.65 dollars per barrel. An additional signal in favor of rising oil prices will test the level of support.
Analysis & forecast Brent Oil on January 29, 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 quotations below the area of 68.50, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations of oil Brent is worth a breakdown at 71.00.
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