Brent crude oil is trading at $ 65.32 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 near the level 65.45 is expected to be tested, 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 $ 62.45 per barrel.
Analysis & forecast Brent Oil on March 8, 2018
An additional signal in favor of the fall is the resistance level test. Earlier, we received a weak signal for buy of Brent Oil, due to the crossing of the signal lines at the level of $ 65.00 per barrel.
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 area of 66.40, indicating 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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