Brent crude is trading at $ 48.94 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of an bullish trend in Brent Oil. Oil prices are expected to fall near the level of $ 48.20 per barrel, from which one should expect an attempt to grow and further develop the bullish trend for oil with a target to rising near the level of $ 50.80 per barrel.
Brent crude oil forecast & analysis on July 6, 2017
Earlier, we received a weak signal for buying of Brent Oil, due to the crossing of signal lines at the level of 45.80. 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 46.50, which will indicate 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 local maximum area at the level of 50.20.
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