The Ichimoku Cloud analysis gives a bullish signal on Brent.
As seen in the weekly Ichimoku Cloud chart above, Brent is retesting the old highs. There is profit potential should price break through the weekly high pivot point (5) as well as the 87.69 (equal length swing point from the Ichimoku Cloud waves of 4 to 5 to 6).
The weekly momentum is increasing as the Ichimoku Cloud Conversion line has moved above the Ichimoku Cloud baseline. Should Brent break up as anticipated, it will head to the Fibonacci .618 target 98.11 from the Ichimoku Cloud waves 4 to 5.
Daily price has moved again into an Ichimoku Cloud uptrend. Price has reached old pivot highs as well as the Fibonacci .618 target 86.19 from the Ichimoku Cloud waves of 0 to 1. Price still has to push past the extended Fibonacci targets under 87 from the Ichimoku Cloud waves 0 to 1 to 2.
As daily price breaks higher toward the weekly target of 98.11, anticipate a daily retracement back towards the Ichimoku Cloud, as the Cloud is an equilibrium point. A retracement will provide additional buying opportunities and shorter term daily Fibonacci targets.
Brent has shown strong bullish action on the hourly chart as price went to its extended Fibonacci target on the Ichimoku Cloud 9 wave. There was a minor retracement to form the ten wave, but the price found support at the Ichimoku Cloud baseline and then retested the highs.
Once price breaks up it will head towards the next target confluence point just over 88. The equal length swing target is 88.45 from the 8 to 9 wave. The Fibonacci .618 target is 88.24 from the Ichimoku Cloud waves of 8 to 9. Momentum in Brent Crude is up, and price may flatten but should resume its upward trend.