WTI Oil quotes are trading at 53.44 dollars per barrel. Oil moves below the moving average with a period of 55. This indicates a bearish trend on WTI Oil. At the moment, oil quotes are moving near the middle border of the Bollinger Bands indicator bars.
WTI weekly forecast on January 28 — February 1, 2019
As part of the forecast WTI Oil is expected to test the level of 57.30 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 40.50 dollars per barrel. The conservative area for sales is located near the upper border of the Bollinger Bands indicator strip at 55.80 dollars per barrel.
Cancellation of the option to continue the fall of WTI Oil will be a 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 quotations above the area of 60.50 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 weekly forecast on January 28 — February 1, 2019 implies a test level of 57.30 dollars per barrel. Further, it is expected to continue falling to the area below the level of 40.50 dollars per barrel. The conservative sales area is near the area of 55.80 dollars per barrel. The abolition of the WTI Oil fall option will be a breakdown of the level of 60.50 dollars per barrel. In this case, we can expect continued growth.
