Quotes Oil WTI traded at the level of 48.77 dollars per barrel. Oil moves above the moving average with a period of 55, indicating a bullish trend for WTI Oil. At the moment, oil quotes are testing the upper boundary of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 48.20 dollars per barrel, where again we should expect an attempt to continue growth and further development of the upward trend in oil near the level of 51.40 dollars per barrel.
WTI crude oil forecast and analysis on August 22, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at 46.30 dollars per barrel. Canceling the option of continuing growth WTI Oil will be a breakdown of the moving average area with a period of 55, as well as the lower boundary of the Bollinger Bands indicator bars and the closing of oil quotes below the area of 45.40 dollars per barrel, which will indicate a change in the trend in favor of the WTI bearish. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.