Brent oil traded at 65.86 dollars per barrel. Brent oil moves inside Ichimoku Kinko Hyo Clouds. This indicates the presence of a flat trend on Brent. As part of the Brent crude oil price Forecast March 7, 2019, a test of the lower border of the Ichimoku Kinko Hyo Cloud is expected near the level of 65.10. 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 69.65 dollars per barrel.
Brent crude oil price Forecast March 7, 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 SELL the Brent Oil. The signal was formed due to the intersection of the signal lines at the level of 65.85.
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 $ 64.10 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. Expect acceleration of growth of quotations of oil Brent stands with the breakdown of the resistance area and closing above the level of 67.45.
Brent crude oil price Forecast March 7, 2019 suggests an attempt to test the level of support near the 65.10 area. Where can we expect a rebound and continued growth of oil with a potential target near the level of 69.65. Cancellation of the option of raising prices will fall and the breakdown of the area of 64.10. This will indicate a continued decline in Brent prices with a potential target below the level of 62.55.