Quotes WTI oil traded at the level of 48.17 dollars per barrel. Oil continues to trade below the moving average with a period of 55, indicating a bearish trend for WTI oil. At the moment, oil quotes are moving near the middle border of the Bollinger Bands indicator strip. A correction to the level of the moving average with a period of 55 near the level of 49.60 is expected, where again we should expect an attempt to continue the fall and further development of the downward trend in oil with the first goal near the level of 44.10.
WTI crude oil forecast for the week May 15 — 19, 2017
The conservative WTI oil sale area is located near the upper boundary of the Bollinger Bands indicator strip at the level of 52.60. Canceling the option to continue falling WTI Oil will be a breakdown of the moving average region with a period of 55, as well as the upper boundary of the Bollinger Bands indicator bars and the closing of oil quotes above 54.10, which indicates a change in the downtrend in favor of the bullish trend on WTI. In the event of breakdown of the lower boundary of the indicator bands, it is expected to accelerate the fall of oil to the area below the level of 44.10.