Brent oil traded at 63.97 dollars per barrel. Brent oil is trading below the lower limit of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a downward trend on Brent. As part of the Brent crude oil prediction & analysis November 23, 2018, a test of the area of the Ichimoku Kinko Hyo signal lines near the level of 64.70 is expected. Where should we expect an attempt to rebound and continue to decline. The target of the fall in oil quotations is the area near the level of 57.50 dollars per barrel.
Brent crude oil prediction & analysis November 23, 2018
An additional signal in favor of lowering the price of Brent crude oil will be the test area of resistance. As well as a rebound from the upper boundary of the descending channel. Earlier, a strong signal was received for SELL the Brent Oil. The signal was formed due to the intersection of signal lines at the level of 67.05.
Cancellation of the option of falling oil quotations will be the breakdown of the upper border of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 70.00 dollars per barrel. In this case, we should expect a change in the downward trend in favor of the upward trend and the continuation of price growth in the area above the level of 73.50. Brent is expected to accelerate the fall in quotations with a breakdown of the support area and closure below 60.00.
Brent crude oil prediction & analysis November 23, 2018 suggests an attempt to test the level of resistance level near 64.70. Where can we expect a rebound and the continuation of the fall of oil with a potential target near the level of 57.50. The abolition of the option to reduce quotes will be a strong increase and a breakdown of the 70.00 area. This will indicate a continued increase in the price of Brent.