WTI Oil quotes are trading at 104.21 dollars per barrel. Oil moves below the moving average with a period of 55. This indicates the bullish for 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 5, 2022
As part of the WTI Oil forecast, a test of the level of 102.30 dollars per barrel is expected. Where should we expect an attempt to continue the growth of Oil and the further development of an upward trend. The target of this movement is the area near the level of 109.40 dollars per barrel. The conservative area for buying is located near the lower border of the Bollinger Bands indicator at 100.50 dollars per barrel.
Cancellation of the option to continue the fall of WTI Oil will be a breakdown of the area of the lower border of the Bollinger Bands indicator bands. As well as a moving average with a period of 55 and the closing of the oil quotes of the lower area of 96.50 dollars per barrel. This will indicate a change in the current trend in favor of the bearish 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 5, 2022 suggests a test level of 102.30 dollars per barrel. Further growth is expected to continue to the area below the level of 109.40 dollars per barrel. The conservative area for buying is located area of 100.50 dollars per barrel. Cancellation of the option of falling WTI Oil will be a breakdown of the level of 96.50 dollars per barrel. In this case, we should expect the continuation of the fall.
