Brent oil is trading at $ 74.24 a barrel. Brent oil moves above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of an upward trend in Brent. As part of the oil price forecast for April 29, 2019, a test of the upper limit of the Ichimoku Kinko Hyo Cloud is expected near the level of 72.25. Where should we expect an attempt to rebound and continue to grow. The target of raising oil prices is the area near the level of 77.95 dollars per barrel.
Brent Crude Oil price Forecast April 29, 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 strong signal was received for BUY the Brent Oil. The signal was formed due to the intersection of the signal lines at the level of 71.45.
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 70.55 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 the level of 66.45. Expect acceleration of growth of quotations of oil Brent stands with the breakdown of the resistance area and closing above the level of 74.85.
Brent Crude Oil price Forecast April 29, 2019 suggests an attempt to test the support level near the 72.25 area. Where can we expect a rebound and continued growth of oil with a potential target near the level of 77.95. Cancellation of the option of raising prices will fall and a breakdown of the 70.55 area. This will indicate a continued decline in Brent prices with a potential target below 66.45.