Brent oil traded at 66.12 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 Brent crude oil price Forecast March 1, 2019, a test of the area of the Ichimoku Kinko Hyo signal lines near the level of 66.00 is expected. 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 70.25 dollars per barrel.
Brent crude oil price Forecast March 1, 2019
An additional signal in favor of rising prices for Brent crude oil will be a test of the support area. 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 crude Oil. The signal was formed due to the crossing of signal lines at the level of 66.05.
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 $ 63.80 per barrel. In this case, we should expect a change in the bullish trend in favor of the downward trend and the continuation of the price fall to the area below the level of 62.55. Expect acceleration of growth of quotations of oil Brent stands with the breakdown of the resistance area and closing above the level of 67.75.
Brent crude oil price Forecast March 1, 2019 suggests an attempt to test the support level level near 66.00. Where can we expect a rebound and continued growth of oil with a potential target near the level of 70.25. Cancellation of the option of raising prices will fall and the breakdown of the area 63.80. This will indicate a continued decline in Brent prices with a potential target below the level of 62.55.