Quotes Oil WTI traded at the level of 50.84 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 upper boundary of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 51.10 dollars per barrel, where again we should expect an attempt to continue the fall and further development of the downward trend in oil near the level of 48.70 dollars per barrel.
WTI crude oil forecast and analysis on October 6, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator strip at the level of 51.00 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 51.40 dollars per barrel, 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.