Brent crude oil is trading at a level of 55.65 dollars per barrel. Brent oil is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in the Oil. The test area of the signal lines of the indicator is expected near the level of 56.45, from which one should expect a rebound attempt and further development of the bearish trend with the aim of a decrease near the level of 53.90 dollars per barrel.
Analysis & forecast Brent Oil on October 6, 2017
Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of signal lines at the level of 57.55. The cancellation of the drop in oil quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 57.50, indicating a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is at breakdown level 55.