Quotes Oil WTI traded at the level of 47.17 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 testing the lower boundary of the Bollinger Bands indicator strip. An insignificant correction is expected near the level of 48.30 dollars per barrel, from which one should expect an attempt to continue the fall and further development of the downward trend for Oil near the level of 44.00 dollars per barrel.
WTI crude oil forecast and analysis on September 12, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator strip at the level of 50.10 dollars per barrel. The abolition of the option of continuing the fall of the Oil WTI will be a breakdown of the upper boundary of the Bollinger Bands indicator strips, as well as a moving average with a period of 55 and the closing of quotations of the pair above the area of 50.80 dollars per barrel, indicating a change in the trend in favor of the bullish on Oil 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.