WTI Oil quotes are trading at 74.36 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 lower border of the Bollinger Bands indicator bands. A test of the level of 73.70 dollars per barrel is expected, from where we again expect an attempt to continue the growth and further development of the upward trend in oil near the level of 77.40 dollars per barrel.
WTI crude oil forecast and analysis on October 8, 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 growth of WTI Oil 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 71.00 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.