Brent crude oil is trading at 66.53 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. Ichimoku Kinko Hyo signal line area test is expected near the level of 66.05, 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 69.00 dollars per barrel. An additional signal in favor of growth will be a test of the support level, as well as a test of the lower boundary of the channel.
Analysis & forecast Brent Oil on March 1, 2018
Previously, a strong signal was received for the buy of Brent Oil, due to the crossing of signal lines at 64.70. 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 64.10, 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 the breakdown of the resistance area and the closing above the level of 67.90.
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