Brent crude oil is trading at $ 52.37 a barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates an upward trend in Oil. It is expected to test the area of signal lines near the level of 51.50, from which one should expect an attempt to grow and develop the bullish trend for Brent Oil near the level of 53.80.
Analysis and forecast Brent crude oil on May 16, 2017
Earlier, we received a weak signal for buy Brent Oil, due to the crossing of the signal lines at the level of 49.00. Canceling the growth of oil quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 48.50, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations for Brent Oil is worth a breakdown of the local maximum area at the level of 53.10.
