Brent crude Oil completes the trading week near the level of 80.16 dollars per barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of an upward trend in oil. A test of the upper boundary of the Ichimoku Kinko Hyo Cloud is expected near the level of 78.60, from where we can expect an attempt to rebound and further development of the upward trend in Oil with a target near the level of 87.50.
Analysis & forecast Brent oil October 22 — 26, 2018
An additional signal in favor of rising oil prices in the current trading week of October 22 — 26, 2018 will be a test of the level of support. Earlier, a weak signal was received for sell of Brent Oil, due to the crossing of signal lines at 82.50.
Cancellation of the growth rate of oil quotations will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below 75.00, which will 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 a breakdown of the resistance area and closing above 83.10.
Analysis & forecast Brent oil October 22 — 26, 2018 suggests an attempt to develop a downward correction to 78.60, from which we can expect a rebound and continued growth of oil with a potential target near 87.50, a support level test will appear in favor, area 75.00, in this case, we should expect the continuation of the fall of Brent.