WTI crude oil forecast and analysis on November 4, 2020

WTI Oil quotes are trading at 38.31 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 upper border of the Bollinger Bands indicator bars.

WTI crude oil forecast and analysis on November 4, 2020

As part of the forecast WTI Oil is expected to test the level of 37.70 dollars per barrel. Where can we expect an attempt to continue the growth of Oil and the further development of the upward trend. The purpose of this movement is the area near the level of 40.90 dollars per barrel. The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at 34.40 dollars per barrel.

WTI crude oil forecast and analysis on November 4, 2020

Cancellation of the option to continue the fall in WTI Oil will be a breakdown of the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of oil quotations of the lower area of ​​33.20 dollars per barrel. This will indicate a change in the current trend in favor of the bearish for WTI. In case 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 November 4, 2020 suggests a test level of 37.70 dollars per barrel. Further, growth is expected to continue to the area below the level of 40.90 dollars per barrel. The conservative area for buying is located area of ​​34.40 dollars per barrel. The cancellation of the WTI Oil fall option will be a breakdown of the level of 33.20 dollars per barrel. In this case, we should expect the fall to continue.


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