Brent Oil completes the trading week near the level of 76.62 dollars per barrel. Brent oil is traded inside the Ichimoku Kinko Hyo Cloud, which indicates the presence of a flat trend for Oil. The test of the Ichimoku Kinko Hyo signal line region is expected near the level of 78.90, from where it is worth expecting an attempt of a rebound and a further fall on Oil with a target near the level of 70.00.
Analysis & forecast Brent oil October 29 — November 2, 2018
An additional signal in favor of falling oil prices in the current trading week of October 29 — November 2, 2018 will be a test of the resistance level. Earlier, a weak signal was received for SELL of Brent Oil, due to the crossing of signal lines at 82.50.
Cancellation of the drop in oil quotes option will break the upper border of the Ichimoku Kinko Hyo Cloud with quotes closing above 82.60, which will indicate a change in the side trend in favor of an upward trend and continued growth. Brent is expected to accelerate the fall in quotations with a breakdown of the lower boundary of the ascending channel and closing below 73.00.
Analysis & forecast Brent oil October 29 — November 2, 2018 suggests an attempt to develop a correction to 78.90, expect a rebound and continue to drop oil with a potential target near 70.00, a test of the resistance level will come in favor; 82.60, in this case, we should expect continued growth of Brent.