Brent crude Oil completes the trading week near the level of 70.44 dollars per barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of an upward trend in oil. The test of the Ichimoku Kinko Hyo signal line region is expected near the level of 68.35. Where can we expect an attempt to rebound and further growth in oil with a target near the level of 77.35.
Analysis and Forecast Brent crude oil April 8 — 12, 2019
An additional signal in favor of rising oil prices in the current trading week of April 8 — 12, 2019 will be a test of the support level. The second signal will be a rebound from the lower boundary of the rising channel. Earlier, a weak signal was received for BUY the Brent Oil. The signal was formed due to the intersection of signal lines at the level of 56.80.
Cancellation of the growth rate of oil quotes will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below area 62.25. That would indicate a change in the upward trend in favor of the downward trend and the continuation of the fall. Brent is expected to accelerate the growth of quotations of oil with the breakdown of the resistance area and closing above the level of 71.75.
Analysis and Forecast Brent crude oil April 8 — 12, 2019 suggests an attempt to develop a correction to the level of 68.35. Where can we expect a rebound and continued growth of oil with a potential target near the level of 77.35. A test of the support level will be in favor of the rise. The cancellation of the growth option will be a breakdown of the area of 62.25. In this case, we should expect the continuation of the fall of Brent.