Brent oil traded at 68.16 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 forecast of the oil rate on March 21, 2019, a test of the area of the Ichimoku Kinko Hyo signal lines near the level of 67.25 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 71.25 dollars per barrel.
Brent Crude Oil price Forecast March 22, 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 upper limit of the model «Triangle». Earlier, a strong signal was received for BUY the Brent Crude Oil. The signal was formed due to the intersection of signal lines at the level of 66.60.
Cancellation of the growth rate of oil quotations will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of $ 65.45 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 63.85. Expect acceleration of growth of quotations of oil Brent stands with the breakdown of the resistance area and closing above 68.75.
Brent Crude Oil price Forecast March 22, 2019 suggests an attempt to test the support level near the 67.25 area. Where can we expect a rebound and continued growth of oil with a potential target near the level of 71.25. Cancellation of the option of raising prices will fall and the breakdown of the 65.45 area. This will indicate a continued decline in the price of Brent with a potential target below the level of 63.85.