Brent crude oil is trading at $ 64.72 a 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 65.00, from which one should expect a rebound attempt and continue the development of a bearish trend with a target to falling near the level of 61.70 dollars per barrel.
Analysis & forecast Brent Oil on March 6, 2018
An additional signal in favor of the fall will be a test of the resistance area. 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 quotations above the area of 66.60, which indicates a change in the bearish trend in favor of the bullish trend. Expect the acceleration of the fall in oil quotes Brent is with the breakdown of the support area and the closure below the level of 63.50.
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