WTI Oil quotes are trading at 57.03 per barrel. Oil moves below the moving average with a period of 55. This indicates a bearish trend for WTI Oil. At the moment, oil quotes are moving near the middle border of the Bollinger Bands indicator bars.
As part of the forecast WTI Oil is expected to test the level of 58.80 dollars per barrel. Where should we expect an attempt to continue the fall of Oil and the further development of the downward trend. The purpose of this movement is the area near the level of 52.50 dollars per barrel. The conservative sales area is located near the upper border of the Bollinger Bands indicator at 58.90 dollars per barrel.
WTI crude oil forecast and analysis on November 19, 2018
Cancellation of the option to continue the fall of WTI Oil will be the breakdown of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and the closure of oil quotations above the area of 59.60 dollars per barrel. This will indicate a change in the current trend in favor of bullish on WTI. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall.
WTI oil price forecast for November 19, 2018 implies a test level of 58.80 dollars per barrel. Further, it is expected to continue falling to the area below the level of 52.50 dollars per barrel. The conservative zone of sale is located near the area of 58.90 dollars per barrel. The abolition of the WTI Oil fall option will be the breakdown of the level of 59.60 dollars per barrel. In this case, we can expect continued growth.
