Brent crude oil is trading at $ 50.99 a barrel. Brent crude oil continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating an upward trend in oil. The Ichimoku Kinko Hyo Cloud upper boundary test is expected near the level of 49.90, from which one should expect an attempt to grow and develop the bullish trend for Brent Oil near the level of 53.20.
Brent crude oil price forecast on May 15, 2017
Earlier, we received a weak signal for buy of Brent Oil, due to the crossing of the signal lines Ichimoku Kinko Hyo at the level of 49.00. Canceling the growth of oil quotations will be a breakdown of the lower boundary of the Cloud Ichimoku Kinko Hyo with the closing of quotes below the area of 48.60, which will indicate a change in the bullish trend in favor of a downtrend. Expect to accelerate the growth of quotations for Brent crude oil is with the breakdown of the local maximum area at the level of 52.50.