Brent crude Oil completes the trading week near the level of 57.29 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 boundary of the Ichimoku Kinko Hyo Cloud is expected near the 61.55 level. Where should we expect an attempt of a rebound and a further fall on Oil with a target near the level of 46.50.
Analysis & forecast Brent oil January 7 — 11, 2019
An additional signal in favor of falling oil prices in the current trading week of Analysis & forecast Brent oil January 7 — 11, 2019 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 border of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the 70.00 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 a breakdown of the support area and close below 51.05.
Analysis & forecast Brent oil January 7 — 11, 2019 suggests an attempt to develop a correction to the level of 61.55. Where can we expect a rebound and the continuation of the fall of oil with a potential target near the level of 46.50. In favor of reducing the test will perform the resistance level. Cancellation of the fall option will be a breakdown of the 70.00 area. In this case, we should expect continued growth of Brent.