WTI Oil quotes are trading at 74.64 dollars per barrel. Oil moves above the moving average with a period of 55, which indicates the presence of a bullish trend for WTI Oil. At the moment, oil quotes are moving near the middle border of the Bollinger Bands indicator bars. The test is expected to be at the level of 74.00 dollars per barrel, from where we again expect an attempt to continue the growth and further development of the upward trend in oil near the level of 77.00 dollars per barrel.
WTI crude oil forecast and analysis on October 11, 2018
The conservative buying area is near the lower border of the Bollinger Bands indicator strip at 73.60 dollars per barrel. Cancellation of the option of continuing WTI Oil growth will be the breakdown of the moving average area with a period of 55, as well as the lower border of the Bollinger Bands indicator bands and the closure of Oil quotes below the area of 72.50 dollars per barrel, indicating a change in trend in favor of bearish WTI. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.