Quotes Oil WTI traded at the level of 55.44 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 moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 55.90 dollars per barrel is expected, where again we should expect an attempt to continue the fall and further development of the downward trend in oil near the level of 53.50 dollars per barrel.
WTI crude oil forecast and analysis on November 17, 2017
The conservative sales area is located near the upper border of the Bollinger Bands indicator strip at the level of 57.20 dollars per barrel. The abolition of the option of continuing the fall of Oil WTI 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 quotes above the area of 57.50 dollars per barrel, indicating 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.