Brent crude oil is trading at 80.05 dollars per barrel. Brent crude is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a downward trend in Brent. As part of the Brent crude oil forecast & analysis October 24, 2018, a test of the lower border of the Ichimoku Kinko Hyo Cloud is expected near the level of 80.40, from where it is necessary to expect an attempt to rebound and continue to decline. The target of the fall in oil quotations is the area near the level of 75.70 dollars per barrel.
Brent crude oil forecast & analysis October 24, 2018
An additional signal in favor of lowering the price of Brent crude oil will be a test of the resistance area, as well as a rebound from the lower border of the Triangle model. Previously, a weak signal was received for SELL of Brent Oil, due to the intersection of signal lines at 84.60.
Cancellation of the option of falling oil quotations will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 83.10 dollars per barrel, which will indicate a change in the downward trend in favor of the upward trend and the continuation of price growth to the area above 85.10. Brent is expected to accelerate the fall in quotations with a breakdown of the support area and closure below 78.80.
Brent crude oil forecast & analysis October 24, 2018 suggests an attempt to test the resistance level near 80.40, where a rebound is expected and oil will continue to fall with a potential target near 75.70, a strong growth and breakdown of the 83.10 decline will be canceled, which will indicate continued growth.