Brent oil completes the trading week at the level of 51.89 dollars per barrel. Brent oil is trading below the lower boundary of the Ichimoku Cloud, which indicates a downward trend in the Oil. It is expected to test the lower boundary of the Ichimoku Cloud near the level of 52.50, from which one should expect an attempt to fall and develop a bearish trend for Oil near the level of 48.90.
Ichimoku Kinko Hyo Brent Oil Forecast May 1 — 5, 2017
Only a medium-strength signal was generated for the sale of Brent Oil, due to the intersection of signal lines at the level of 53.50. The cancellation of the fall option will be a breakdown of the upper boundary of the Ichimoku Cloud with the closing of quotations above the area of 54.80, indicating a change in the downward trend in favor of the ascending trend. Expect to accelerate the fall in quotes for Brent Oil is worth a breakdown of the local minimum area at 50.00.
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