Quotes Oil WTI traded at the level of 71.92 dollars per barrel. Oil moves below the level of the moving average with a period of 55, indicating a bearish trend for WTI Oil. At the moment, oil quotes are moving near the lower border of the Bollinger Bands indicator strip. A test of the level of 72.80 dollars per barrel is expected, where again we should expect an attempt to continue the fall and further development of the downward trend for oil near the level of 68.90 dollars per barrel.
WTI crude oil forecast and analysis on July 12, 2018
The conservative sales area is located near the upper border of the Bollinger Bands indicator strip at the level of 75.00 dollars per barrel. The abolition of the variant of the continued decline of WTI Oil will be a breakdown of the moving average region with a period of 55, as well as the upper boundary of the Bollinger Bands indicator bars and the closing of oil quotations above the area of 76.20 dollars per barrel, which will indicate a change in the trend in favor of the bullish for 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.