Quotes Oil WTI traded at the level of 65.54 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 lower boundary of the Bollinger Bands indicator strip. A test of the level of 66.40 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 63.70 dollars per barrel.
WTI crude oil forecast and analysis on June 4, 2018
The conservative sales area is located near the upper border of the Bollinger Bands indicator strip at the level of 68.60 dollars per barrel. The abolition of the variant of the continued decline of Oil WTI will be a breakdown of the moving average region with a period of 55, as well as the middle boundary of the Bollinger Bands indicator bars and the closing of oil quotations above the 70.40 dollar per barrel area, 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.