Brent crude oil is trading at $ 69.67 per barrel. Brent crude is trading above the Ichimoku Kinko Hyo Cloud, which indicates a bullish trend in Oil. The test area of Ichimoku Kinko Hyo signal lines near the level of 68.00 is expected, from which it is expected to attempt a rebound and continue the development of the bullish trend with the target of growth near the level of $ 72.10 per barrel.
Analysis & forecast Brent Oil on March 23, 2018
An additional signal in favor of growth will be a test of the lower border of the channel, as well as a test of the support level. Earlier, a signal of medium strength was obtained for the buy of Brent Oil, due to the crossing of signal lines at 64.80.
Canceling the growth of oil quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 65.30, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations of Brent crude oil is with the breakdown of the resistance area and the closing above the level of 70.50.
