Quotes Oil WTI traded at the level of 46.81 dollars per barrel. Oil is moving below 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 bands of the Bollinger Bands indicator. An insignificant correction is expected near the level of 47.70 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 44.80 dollars per barrel.
WTI crude oil forecast and analysis on August 29, 2017
The conservative sales area is near the upper boundary of the Bollinger Bands indicator bands at 48.60 dollars per barrel. 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 the pair quotations above the 49.30 dollars per barrel, which indicates a change in the trend in favor of the bullish 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.