Brent oil traded at 60.51 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 on Brent.
As part of the Brent crude oil prediction & analysis November 29, 2018, a test of the area of the Ichimoku Kinko Hyo signal lines near the level of 61.45 is expected. Where should we expect an attempt to rebound and continue to decline. The purpose of the fall in oil prices is the area near the level of 54.05 dollars per barrel.
Brent crude oil prediction & analysis November 29, 2018
An additional signal in favor of lowering the price of Brent crude oil will be the test area of resistance. As well as a rebound from the upper boundary of the bearish channel. Earlier, a strong signal was received for SELL the Brent Oil. The signal was formed due to the intersection of signal lines at the level of 67.05.
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 area of $ 66.75 per barrel. In this case, we should expect a change in the downward trend in favor of the upward trend and the continuation of price growth in the area above the level of 71.50. Brent is expected to accelerate the fall in quotations with the breakdown of the support area and close below 57.50.
Brent crude oil prediction & analysis November 29, 2018 suggests an attempt to test the level of resistance level near 61.45. Where can we expect a rebound and the continuation of the fall of oil with a potential target near the level of 54.05. Cancellation of the option to reduce quotes will make a strong growth and the breakdown of the area of 66.75. This will indicate a continued increase in the price of Brent.