Quotes Oil WTI traded at the level of 75.38 dollars per barrel. Oil is moving 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 upper border of the Bollinger Bands indicator bands. A test of the level of 74.50 dollars per barrel is expected, where again we should expect an attempt to continue growth and further development of the upward trend in oil near the level of 78.50 dollars per barrel.
WTI crude oil forecast and analysis on October 3, 2018
The conservative buying area is near the lower border of the Bollinger Bands indicator strip at 70.80 dollars per barrel. Canceling the option of continuing growth WTI Oil will be a breakdown of the moving average region with a period of 55, as well as the lower boundary of the Bollinger Bands indicator bars and the closing of oil quotes below the 70.00 dollar per barrel area, which indicates a change in the trend in favor of the bearish WTI. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.