Brent crude Oil completes the trading week near the level of 68.08 dollars per barrel. Brent crude continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in oil. The test area of Ichimoku Kinko Hyo signal lines near the level of 65.70 is expected, 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 73.50. An additional signal in favor of rising oil prices will test the lower boundary of the bullish channel.
Analysis & forecast Brent oil on January 8 — 12, 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 quotations below the area of 60.50, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations for Brent Oil is worth a breakdown of the level of 69.50.