Brent oil completes the trading week at $ 52.05 per barrel. Brent oil is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a downward trend in Oil. Ichimoku Kinko Hyo Cloud near the level of 53.30 is expected to be tested, from which one should expect an attempt to drop and develop a bearish trend for Oil near level 48.20.
Brent oil prediction on May 29, 2017 — June 2, 2017
Earlier, a weak signal was generated for the purchase of Brent Oil, due to the intersection of signal lines at the level of 51.41. 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 53.25 area, which will indicate a change in the bearish trend in favor of the bullish trend. Expect the acceleration of the drop in quotes for Brent crude Oil is with the breakdown of the local minimum area at the level of 49.50.