Quotes Oil WTI traded at a level of 47.64 dollars a 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 moving near the lower boundary of the Bollinger Bands indicator strip. An insignificant correction is expected near the level of 48.50 dollars a 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 44.50 dollars a barrel.
WTI crude oil forecast and analysis on August 16, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator strip at the level of 50.05 dollars a barrel. The abolition of the continuation of 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 the pair’s quotes above the 51.30 dollars a barrel, indicating a change in the trend in favor of the bullish on Oil 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.