Brent oil traded at 71.01 dollars per 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 9, 2019, a test of the area of the Ichimoku Kinko Hyo signal lines near the 69.70 level is expected. 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 74.35 dollars per barrel.
Brent Crude Oil price Forecast April 9, 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 medium strength signal was received for BUY the Brent Oil. The signal was formed due to the intersection of signal lines at the level of 66.85.
Cancellation of the growth rate of oil quotes will be the breakdown of the lower border of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 67.35 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 64.55. Brent is expected to accelerate the growth of quotations of oil with the breakdown of the resistance area and closing above the level of 71.75.
Brent Crude Oil price Forecast April 9, 2019 implies an attempt to test the support level near 69.70. Where can we expect a rebound and continued growth of oil with a potential target near the level of 74.35. Cancellation of the option of raising prices will fall and the breakdown of the area of 67.35. This will indicate a continued decline in Brent prices with a potential target below 64.55.