Brent crude oil is trading at $ 68.47 per barrel. Brent oil is traded within the Ichimoku Kinko Hyo Cloud, which indicates the presence of a flat trend for Oil. Ichimoku Kinko Hyo Cloud near the level 68.05 is expected to be tested near the level of 68.05, from which one should expect a rebound attempt and continue the development of the bullish trend with the target of growth near the level of $ 71.50 per barrel.
Brent Oil forecast & analysis April 5, 2018
An additional signal in favor of growth is the formation of the bullish «Wolfe Wave» model. Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of the signal lines at the level of 69.30.
Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Cloud of Ichimoku Kinko Hyo with the closing of quotes below the area of 67.20, indicating a change in the flat trend in favor of a bearish trend. Expect to accelerate the growth of oil quotes Brent is with the breakdown of the upper boundary of the Cloud Ichimoku Kinko Hyo and the closing above the level of 70.00.
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