Brent crude oil completes the trading week at $ 49.39 a barrel. Brent crude continues to trade below the lower boundary of the Ichimoku Cloud, indicating a downward trend in the Oil. It is expected to test the area of signal lines near the level of 51.30, from which one should expect an attempt to drop and develop the bearish trend for Oil near level 46.10.
Ichimoku Kinko Hyo Brent Oil Forecast May 8 — 12, 2017
Earlier, 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. Cancellation of the fall option will be a breakdown of the upper boundary of the Ichimoku Cloud with the closing of quotes above the area of 54.90, indicating a change in the downward trend in favor of the ascending trend. Expect to accelerate the fall in quotations for Brent Oil is worth a breakdown of the local minimum area at 46.90.
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