Brent crude oil is trading at 68.76 dollars per barrel. Brent oil is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in the Oil. Ichimoku Kinko Hyo Cloud near the level of 69.25 is expected to be tested, from which it is expected to attempt a rebound and continue the development of a bearish trend with a target to falling near the level of 67.00 dollars per barrel.
Analysis & forecast Brent Oil on January 31, 2018
Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of the signal lines at the level of 70.05. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Cloud Ichimoku Kinko Hyo with the closing of quotations below the area of 68.60, 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 a breakdown of the level of 70.55.
It is not necessary to exclude the attempt to form the reversal model «Head and Shoulders». In this case, after the test of level 70.45, one should expect a strong drop in quotations and oil prices with a potential target near the level of 65.70. Canceling the formation of the reversal model will break through the level of 71.30.
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