Brent crude Oil completes the trading week near the level of 72.76 dollars per barrel. Brent crude is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a downward trend in oil. A test of the Ichimoku Kinko Hyo signal lines is expected near the level of 78.90, from where it is worth expecting an attempt to rebound and a further fall on Oil with a target near the level of 66.50.
Analysis & forecast Brent oil November 5 — 9, 2018
An additional signal in favor of falling oil prices in the current trading week of November 5 — 9, 2018 will be a test of the resistance level, as well as a rebound from the lower boundary of the rising channel. Earlier, a weak signal was received for SELL the Brent Oil, due to the crossing of signal lines at 82.50.
Cancellation of the drop in oil quotes option will break the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above 81.50, indicating a change in the downward trend in favor of an upward trend and continued growth. Brent is expected to accelerate the fall in quotations with a breakdown of the lower boundary of the ascending channel and closing below 70.00.
Analysis & forecast Brent oil November 5 — 9, 2018 suggests an attempt to develop a correction to 78.90, expect a rebound and a further fall in oil with a potential target near 66.50, the resistance level test will come in favor; 81.50, in this case, we should expect continued growth of Brent.