Brent crude Oil completes the trading week near the level of 70.44 dollars per barrel. Brent crude continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in oil. Ichimoku Kinko Hyo Cloud Upper Test is expected near the level of 66.90, from which it is expected to attempt a rebound and further development of the bullish trend for Oil with a target near the level of 75.45. An additional signal in favor of rising oil prices will test the lower boundary of the bullish channel.
Analysis & forecast Brent oil on January 29 — February 2, 2018
Previously, a strong signal was generated for the buy of Brent Oil, due to the crossing of the signal lines at the level of 56.90. 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 61.70, indicating a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotes for Brent Oil is with the breakdown of the upper border of the channel and the closure above the area of 72.50.
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