Brent oil traded at 73.69 dollars per barrel. Brent oil 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 prediction & analysis November 6, 2018, the test of Ichimoku Kinko Hyo signal lines is expected near the level of 74.30. Where should we expect an attempt to rebound and continue to decline. The target of the fall in oil quotes is the area near the level of 69.40 dollars per barrel.
Brent crude oil prediction & analysis November 6, 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 upper limit of the downward channel. Previously, a strong signal was received for SELL the Brent Oil, due to the intersection of signal lines at 76.80.
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 77.15 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 region above the level of 80.50. Brent is expected to accelerate the fall in quotations with the breakdown of the support area and closing below 71.40.
Brent crude oil prediction & analysis November 6, 2018 suggests an attempt to test the resistance level near the 74.30 area, from where we can expect a rebound and the continuation of the fall of oil with a potential target near the 69.40 level. Cancellation of the option to reduce quotes will be a strong increase and the breakdown of the 77.15 area, which will indicate continued growth.