Brent crude oil is trading at 77.54 dollars per barrel. Brent crude is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a downward trend in Brent. As part of the Brent crude oil prediction & analysis October 31, 2018, a test of the lower boundary of the Ichimoku Kinko Hyo Cloud is expected near the 78.00 level, from which one can expect an attempt to rebound and continue to decline. The target of the fall in oil quotations is the area near the level of 73.40 dollars per barrel.
Brent crude oil prediction & analysis October 31, 2018
An additional signal in favor of lowering the price of Brent crude oil will be a test of the resistance area, as well as a rebound from the upper limit of the downward channel. Earlier, a weak signal was received for BUY the Brent Oil, due to the crossing of signal lines at 77.05.
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 79.70 dollars per barrel, indicating a change in the downward trend in favor of the upward trend and continued growth in prices in the region above 83.50. Brent is expected to accelerate the fall in quotations with the breakdown of the support area and closing below 75.50.
Brent crude oil prediction & analysis October 31, 2018 suggests an attempt to test the resistance level near 78.00, expect a rebound and a further fall in oil with a potential target near 73.40, a strong increase and a break of 79.70 will cancel the reduction option; will indicate continued growth.