Brent crude oil is trading at $ 64.58 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 64.65, 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 62.15 dollars per barrel.
Analysis & forecast Brent Oil on March 9, 2018
An additional signal in favor of the fall will be a test of the resistance area. 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.
The cancellation of the drop in oil quotations will be the 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 bearish trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is with the breakdown of the lower boundary of the model «Triangle» and the closure below the level of 63.30.
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