Brent crude Oil completes the trading week near the level of 62.62 dollars per barrel. Brent oil is trading below the lower limit of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a downward trend in oil.
A test of the lower border of the Ichimoku Kinko Hyo Cloud is expected near the level of 62.85. Where should we expect an attempt to rebound and further fall on the Oil with a target near the level of 46.60.
Analysis and Forecast Brent crude oil January 21 — 25, 2019
An additional signal in favor of the fall in oil prices in the current trading week of January 21 — 25, 2019 will be the test of the resistance level. Earlier, a weak signal was received for BUY the Brent Oil. The signal was formed due to the intersection of signal lines at the level of 56.80.
Cancellation of the option of falling oil quotations will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the 68.00 area. That would indicate a change in the downward trend in favor of the upward trend and continued growth. Brent is expected to accelerate the fall in quotations with the breakdown of the support area and closing below the level of 56.15.
Analysis and Forecast Brent crude oil January 21 — 25, 2019 suggests an attempt to develop a correction to the level of 62.85. Where can we expect a rebound and the continuation of the fall of oil with a potential target near the level of 46.60. In favor of reducing the test will perform the resistance level. Cancellation of the fall option will be a breakdown of the 68.00 area. In this case, we should expect continued growth of Brent.