Quotes Oil WTI traded at a level of 47.88 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 average border of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 48.70 dollars per barrel, from which one should expect an attempt to continue the fall and further development of the downward trend for Oil WTI near the level of 45.00 dollars per barrel.
WTI crude oil forecast and analysis on August 17, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bands at 49.00 dollars per barrel. The abolition of the option of continuing the fall of Oil WTI will be a breakdown of the upper boundary of the Bollinger Bands indicator strip, as well as a moving average with a period of 55 and the closing of the pair’s quotes above the area of 50.10 dollars per barrel, which indicates a change in the trend in favor of the bullish 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.