Quotes Oil WTI traded at the level of 45.83 dollars per barrel. Oil moves below the level of the moving average with a period of 55, indicating a bearish trend for Oil WTI. At the moment, oil quotes are testing the lower boundary of the Bollinger Bands. An insignificant correction is expected near the level of 46.30 dollars per barrel, from which one should expect an attempt to continue the fall and further development of the downtrend on Oil WTI near the level of 44.20 dollars per barrel.
Bollinger Bands forecast WTI on July 24, 2017
The conservative sales area is near the upper boundary of the Bollinger Bands indicator bands at $47.70. The abolition of the option of continuing the fall of the Oil WTI will be a breakdown of the upper boundary of the Bollinger Bands indicator strips, as well as a moving average with a period of 55 and the closing of quotations of the pair above the of 48.50 dollars per barrel, indicating a change in the trend in favor of the bull on WTI. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.