Brent crude Oil completes the trading week near the level of 61.47 dollars per barrel. Brent oil is trading below the lower limit of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bearish trend in oil. A test of the Ichimoku Kinko Hyo signal lines is expected near the level of 66.00. Where should we expect an attempt to rebound and further fall on the Oil with a goal near the level of 50.10.
Analysis & forecast Brent oil December 10 — 14, 2018
An additional signal in favor of falling oil prices in the current trading week of December 10 — 14, 2018 will be a test of the resistance level. As well as a rebound from the upper limit of the descending channel. Earlier, a weak signal was received for SELL the Brent Oil. The signal was formed due to the intersection of signal lines at the level of 82.50.
Cancellation of the drop option of Oil quotes will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the 73.20 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 close below 57.25.
Analysis & forecast Brent oil December 10 — 14, 2018 suggests an attempt to develop a correction to the level of 66.00. Where can we expect a rebound and the continuation of the fall of oil with a potential target near the level of 50.10. In favor of reducing the test will perform the resistance level. The cancellation of the fall option will be the breakdown of the 73.20 area. In this case, we should expect continued growth of Brent.