Brent crude oil is trading at 66.89 dollars per barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of an upward trend in Oil. The test area of the Ichimoku Kinko Hyo signal line is near the level of 66.30, from which one should expect a rebound attempt and continue the development of the bullish trend with the target of growth near the level of 69.60 dollars per barrel.
Analysis & forecast Brent Oil on January 4, 2018
Earlier, we received a weak signal for buy of Brent Oil, due to the crossing of signal lines at the level of 63.80. 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 64.30, which will indicate a shift in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of oil quotes Brent is with a breakdown of the level of 67.50.