Forecast of the oil price for August 2018 is written when the price of a barrel of Brent crude 75,3 USD per barrel.
The daily chart of the oil rate clearly shows that since spring oil prices are in the range of 71-80 dollars per barrel. Since the beginning of 2018, the price of oil has increased, but it has not yet been decided which way to go further. We, you know whether we wait, wait, already all the waitings have eaten – and they still can not be determined.
At the moment, when making a decision on oil, it is quite difficult to focus on the Ichimoku Kinko Hyo indicator. The cloud of the indicator has ended, the lines of the cloud have changed places. From the description of the Ichimoku indicator it is a signal of a possible trend change. As for the signal lines of the Ichimoku indicator, they react to flat rather than give signals. However, the signal lines can be used as support and resistance levels. For example, now the blue signal line (coincides with 50% of the rollback on Fibonacci) is the resistance level (75.5).
We expect further work within the established channel, as well as another attempt to increase the rate OF Brent oil, with a target above 78.50. However, in the first half of August, we do not exclude short-term rollback of quotations and the exchange price of oil to the lower border of the channel, and verification of the support level of 72.5.