Brent crude oil is trading at $ 63.88 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a bullish trend in Oil. The test area of the Ichimoku Kinko Hyo signal lines near level 63 is expected, from which it is expected to attempt a rebound and further development of the bullish trend with a target near the level of 66.55 dollars per barrel. An additional signal in favor of oil growth will test the lower boundary of the bullish channel.
Analysis & forecast Brent Oil on November 9, 2017
Earlier, a strong signal was received for the buy of Brent Oil, due to the crossing of signal lines at 61.30. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 61.30, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of oil quotes Brent is with a breakdown of the level of 64.50.