WTI Oil quotes are trading at 9.53 dollars per barrel. Oil moves below the moving average with a period of 55. This indicates the bearish on WTI. At the moment, Oil quotes are moving near the upper border of the Bollinger Bands indicator stripes.
WTI crude oil forecast and analysis on May 12, 2020
As part of the WTI Oil forecast, a test of 10.40 dollars per barrel is expected. Where should we expect an attempt to continue the fall of Oil and the further development of a downward trend. The purpose of this movement is the area near the level of 6.10 dollars per barrel. The conservative sales area is located near the upper border of the Bollinger Bands indicator strip at 10.60 dollars per barrel.
Cancellation of the option to continue the fall of WTI Oil will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and the closure of oil quotes above the area of 13.50 dollars per barrel. This will indicate a change in the current trend in favor of the bullish for WTI. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall.
WTI crude oil forecast and analysis on May 12, 2020 suggests a test level of 10.40 dollars per barrel. Further, it is expected to continue falling to the area below the level of 6.10 dollars per barrel. The conservative sale area is located is near the area of 10.60 dollars per barrel. The cancellation of the WTI Oil fall option will be a breakdown of the level of 13.50 dollars per barrel. In this case, we should expect continued growth.
