Brent crude oil is trading at 65.58 dollars per barrel. Brent oil is traded within the Ichimoku Kinko Hyo Cloud, which indicates the presence of a flat trend for Oil. Ichimoku Kinko Hyo Cloud is expected to test near the level of 65.65, 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 64.00 dollars per barrel.
Analysis & forecast Brent Oil on March 13, 2018
An additional signal in favor of the fall is the upper bound of the «Triangle» model. Previously, a strong signal was received for the sell of Brent Oil, due to the crossing of signal lines at 64.70.
Cancellation of the drop in oil quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 66.10, which indicates a change in the flat trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is with the breakdown of the lower limit of the model «Triangle» and the closing below the level of 63.20.
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