WTI Oil quotes are trading at 62.90 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 lower border of the Bollinger Bands indicator bands.
WTI crude oil forecast and analysis on May 3, 2019
As part of the forecast WTI Oil is expected to test the level of 63.50 dollars per barrel. Where should we expect an attempt to continue the fall of Oil and the further development of the downward trend. The purpose of this movement is the area near the level of 61.00 dollars per barrel. The conservative area for sales is located near the upper border of the Bollinger Bands indicator strip at 64.20 dollars per barrel.
Cancellation of the option to continue the fall of WTI Oil will be the breakdown of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and the closure of oil quotes above the area of 65.20 dollars per barrel. This will indicate a change in the current trend in favor of bullish for WTI. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall.
WTI crude oil forecast and analysis on May 3, 2019 implies a test level of 63.50 dollars per barrel. Further, it is expected to continue falling to the area below the level of 61.00 dollars per barrel. The conservative sales area is near the area of 64.20 dollars per barrel. The abolition of the WTI Oil fall option will be the breakdown of the level of 65.20 dollars per barrel. In this case, we can expect continued growth.
