Brent oil traded at 73.30 dollars per barrel. Brent oil moves above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bullish trend in Brent. As part of the oil price forecast for April 24, 2019, a test of the lower border of the Ichimoku Kinko Hyo Cloud is expected near the level of 71.35. Where should we expect an attempt to rebound and continue to grow. The purpose of raising oil prices is the area near the level of 75.25 dollars per barrel.
Brent Crude Oil price Forecast April 24, 2019
An additional signal in favor of the rise in prices for Brent crude oil will be the test area of support. The second signal will be a rebound from the lower boundary of the rising channel. Earlier, a weak signal was received for SELL the Brent Oil. The signal was formed due to the intersection of the signal lines at the level of 71.20.
Cancellation of the growth rate of oil quotes will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 69.35 dollars per barrel. In this case, we should expect a change in the upward trend in favor of the downward trend and the continuation of the price fall to the area below 65.35. Expect acceleration of growth of quotations of oil Brent stands with the breakdown of the resistance area and closing above 75.65.
Brent Crude Oil price Forecast April 24, 2019 suggests an attempt to test the support level level near the area of 71.35. Where can we expect a rebound and continued growth of oil with a potential target near the level of 75.25. Cancellation of the option of raising prices will fall and the breakdown of the 69.35 area. This will indicate a continued decline in Brent prices with a potential target below 65.35.