Brent crude oil is trading at $ 52.05 per barrel. Brent crude continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating an upward trend in oil. It is expected to test the area of signal lines near the level of 51.00, from which one should expect an attempt to grow and develop the bullish trend for Oil near the level of 53.90.
Ichimoku Kinko Hyo forecast Brent oil on May 17, 2017
Earlier, we received a weak signal for buy of Brent Oil, due to the crossing of the signal lines at the level of 49.00. 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 49.00, which will indicate a change in the upward trend in favor of a downward trend. Expect to accelerate the growth of quotations for Brent Oil a breakdown of the local maximum area at the level of 53.20.
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