Brent crude oil is trading at $ 57.33 per barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of an bullish trend in Oil. Ichimoku Kinko Hyo Cloud upper test is expected near the level of 57.00, from which one should expect a rebound attempt and further development of the bullish trend with the target of growth near the level of 58.95 dollars per barrel. An additional signal in favor of rising oil prices will test the area of support.
Analysis & forecast Brent Oil on October 25, 2017
Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of signal lines at the level of 57.50. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 56.45, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations of oil Brent is worth a breakdown of the level of 58.35.
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