Brent crude oil is trading at $ 53.01 per barrel. Brent crude oil continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating an bullish trend in Brent crude oil. It is expected to test the area of signal lines near the level $ 52.10 per barrel, from which one should expect an attempt to grow and develop the bullish trend for Brent crude oil near the level $ 55.00 per barrel.
Brent oil forecast & analysis on May 22, 2017
Earlier, we received a weak signal for buy of Brent crude oil, due to the crossing of the signal lines at the level of $ 49.00 per barrel. Canceling the growth of oil quotes will be a breakdown of the lower boundary of the Cloud Ichimoku Kinko Hyo with the closing of quotes below the area of $ 50.00 per barrel, which will indicate a shift in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of quotations for Brent crude oil is worth a breakdown of the local maximum area at $ 54.30 per barrel.
