Brent crude oil is trading at $ 63.94 per barrel. Brent oil is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in the Oil. Ichimoku Kinko Hyo Cloud is expected to test near the level of 64.55, 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 $ 61.00 per barrel. An additional signal in favor of the fall is the resistance level test.
Analysis & forecast Brent Oil on March 5, 2018
Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of signal lines at 66.20. The 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 $ 67.00 per barrel, which will indicate a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is with the breakdown of the support area and the closure below the level of 63.10.
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