Brent crude oil is trading at 68.29 dollars 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 the Ichimoku Kinko Hyo signal line is near the level of 67.60, from which it is expected to attempt a rebound and continue the development of an upward trend with the target of rising near the level of 69.80 dollars per barrel.
Analysis & forecast Brent Oil on January 5, 2018
An additional signal in favor of rising oil prices will be a test of the lower boundary of the bullish channel. 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 quotations below the area of 64.70, which will indicate a change 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 68.70.