Brent crude oil is trading at $ 52.25 per barrel. Brent oil is traded within the Ichimoku Kinko Hyo Cloud, which indicates the presence of a lateral trend for Oil. Oil is expected to leave the Ichimoku Kinko Hyo Cloud zone, followed by a test of the lower boundary of the Ichimoku Kinko Hyo Cloud near the level of $ 52.40 per barrel, from which one should expect an attempt to drop and develop a bearish trend for Oil near the level of $ 49.60 per barrel.
Brent crude oil forecast on May 31, 2017
Earlier, a weak signal was received for the sale of Brent Oil, due to the intersection of the signal lines at the level of $ 53.45 per barrel. The cancellation of the drop in oil quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of $ 53.50 per barrel, which will indicate a change in the downward trend in favor of the upward. Expect to accelerate the fall in quotations for Brent Oil is worth a breakdown of the local minimum area at $ 50.20 per barrel.
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