Brent crude Oil closing the trading week near the level of 57.01 dollars per barrel. Brent crude continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating an bullish trend in oil. Ichimoku Kinko Hyo signal line area test is near the level of 55.65, from which one should expect an attempt at growth and development of the bullish trend for Oil with a target close to level 62.
Analysis & forecast Brent oil on October 16 — 20, 2017
An additional signal in favor of rising oil prices will be a test of the support area, as well as a test of the lower boundary of the bullish channel. Previously, a strong signal was generated for the buy of Brent Oil, due to the crossing of the signal lines at the level of 51.50. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 52.50, indicating a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations for Brent Oil is worth a breakdown of the area of 57.60.
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