Brent crude Oil continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating an bullish trend in oil. Ichimoku Kinko Hyo indicator area signal lines are expected near the level of 54.50, where we can expect an attempt of growth and development of the bullish trend for Oil with a view to growth near level 61. An additional signal in favor of rising oil prices will be a test of the support area, as well as a test of the bottom border of the bullish channel.
Analysis & forecast Brent oil on October 2 — 6, 2017
Previously, a strong signal was generated for the buy Brent Oil, due to the crossing of the signal lines at the level of 51.50. 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 52.00, which will indicate a change in the bullish trend in favor of the bearish trend. Expect to accelerate the growth of quotations for Brent Oil is worth a breakdown of the area of 59.50.