Brent crude oil is trading at a level of 56.22 dollars per barrel. Brent oil is traded within the Ichimoku Kinko Hyo Cloud, which indicates the presence of a lateral trend for Oil. A test of level 56.40 is expected, from which one should expect an attempt at a rebound and a further development of the bearish trend with a view to reducing near the level of 54.55 dollars per barrel.
Analysis & forecast Brent Oil on October 16, 2017
An additional signal in favor of the fall in oil prices will be the test of the upper boundary of the bearish channel. Previously, a strong signal was received for the sell of Brent Oil, due to the crossing of the signal lines at the level of 55.95. 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 57.40, indicating a change in the bearish trend in favor of the bullish. Expect to accelerate the fall in oil quotes Brent is worth a breakdown of the level of 55.80.