In the review Brent Crude Oil price Forecast March 11, 2019 consider the forecast of oil using the indicator Ichimoku Kinko Hyo.
Brent oil traded at 66.14 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 11, 2019, a test of the upper border of the Ichimoku Kinko Hyo Cloud is expected near the level of 65.75. 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 70.05 dollars per barrel.
Brent Crude Oil price Forecast March 11, 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 border of the «Triangle» model. 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 66.05.
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 64.50 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 62.55. Brent is expected to accelerate the growth of quotations of oil with a breakdown of the upper limit of the «Triangle» model and closing above 67.65.
Brent Crude Oil price Forecast March 11, 2019 suggests an attempt to test the level of support near the 65.75 area. Where can we expect a rebound and continued growth of oil with a potential target near the level of 70.05. Cancellation of the option of raising prices will fall and the breakdown of the area of 64.50. This will indicate a continued decline in Brent prices with a potential target below the level of 62.55.