Quotes Oil WTI traded at the level of 47.80 dollars per barrel. Oil moves above the moving average with a period of 55, indicating a bullish trend for WTI Oil. At the moment, oil quotes are moving near the middle border of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 46.90 dollars per barrel, where again we should expect an attempt to continue growth and further development of the upward trend in oil near the level of 53.70 dollars per barrel.
WTI weekly forecast on August 28 – September 1, 2017
The conservative buying area is near the lower border of the Bollinger Bands indicator strip at the level of 46.60 dollars per barrel. Canceling the option of continuing growth WTI Oil will be a breakdown of the moving average region with a period of 55, as well as the lower boundary of the Bollinger Bands indicator bars and the closing of oil quotes below the area of 44.40 dollars per barrel, which indicates a change in the trend in favor of the bearish on WTI. In the event of a breakdown of the upper boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate growth.