Brent, H4

Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, forming trend reversal pattern. Confirmative Chinkou Span line is approaching the price chart from above; current Kumo-cloud is ascending. The pair is trading around Kijun-sen line, the closest support level is Tenkan-sen line (49.33). One of the previous maximums of Chinkou Span line is expected to be a resistance level at (53.35).

Forex: Ichimoku Clouds. Review of Brent

Brent, D1

On the daily chart Tenkan-sen and Kijun-sen lines have merged together under the cloud and can form either a signal to sell or to buy. Confirmative Chinkou Span line is approaching the price chart from below and current cloud is descending. The pair has overcome the red and the blue lines and is moving towards the upper border of the cloud at 54.83. The closest resistance level is Tenkan-sen line (48.22).

Forex: Ichimoku Clouds. Review of Brent

Key levels

Support levels: 49.33, 48.22.

Resistance levels: 53.35, 54.83.

Trading tips

On the four-hour chart the pair is starting to reverse downwards, while on the daily chart the trend can soon change to the Bullish one. Short-term sell positions can be opened at 49.00 with targets at 47.60 and stop-losses at 50.40. Mid-term buy positions can be opened at current price with targets at 54.83 and stop-loss at 48.22.



Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback