WTI Oil quotes are trading at 101.86 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 middle border of the Bollinger Bands indicator bands.
WTI crude oil forecast and analysis on May 12, 2022
As part of the WTI Oil forecast, a test of the level of 103.60 dollars per barrel is expected. Where should we expect an attempt to continue the fall of Oil and further development of a downward trend. The target of this movement is the area near the level of 96.50 dollars per barrel. The conservative area for sales is located near the upper border of the Bollinger Bands indicator at 111.60 dollars per barrel.
Cancellation of the option to continue the fall of WTI Oil will be a breakdown of the area of the upper border of the Bollinger Bands indicator bands. As well as a moving average with a period of 55 and the closing of oil quotes above the area of 112.10 dollars per barrel. This will indicate a change in the current trend in favor of the bullish WTI. In the event of a 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, 2022 suggests a test level of 103.60 dollars per barrel. Further, it is expected to continue falling to the area below the level of 96.50 dollars per barrel. The conservative selling area is located near the area of 111.60 dollars per barrel. Cancellation of the option of falling WTI Oil will be a breakdown of the level of 112.10 dollars per barrel. In this case, we should expect continued growth.
