Brent crude Oil completes the trading week near the level of 66.98 dollars per barrel. Brent oil is trading below the lower limit of the Ichimoku Kinko Hyo Cloud.
This indicates the presence of a bearish trend in oil. A test of the Ichimoku Kinko Hyo signal line region is expected near the level of 70.10. Where should we expect an attempt to rebound and further fall on the Oil with a goal near the level of 57.20.
Analysis & forecast Brent oil November 19 — 23, 2018
An additional signal in favor of falling oil prices in the current trading week November 19 — 23, 2018 will be a test of the resistance level. Earlier, a weak signal was received for SELL the Brent Oil, due to the intersection of signal lines at 82.50.
Cancellation of the drop option of Oil quotes will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the 77.00 area. That would indicate a change in the downward trend in favor of the upward trend and continued growth. Brent is expected to accelerate the fall in quotations with the breakdown of the support area and closing below 63.55.
Analysis & forecast Brent oil November 19 — 23, 2018 suggests an attempt to develop a correction to the level of 70.10. Where can we expect a rebound and the continuation of the fall of oil with a potential target near the level of 57.20. In favor of reducing the test will perform the resistance level. Cancellation of the fall option will be a breakdown of the 77.00 area. In this case, we should expect continued growth of Brent.