Quotes Oil WTI traded at the level of 49.69 dollars per barrel. Oil moves above the moving average with a period of 55, indicating a bullish trend for Oil WTI. At the moment, oil quotes are moving near the upper boundary of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 47.20 dollars per barrel, where again we should expect an attempt to continue growth and further development of the upward trend for Oil WTI near the level of 53.70 dollars per barrel.
WTI weekly forecast on July 31 – August 4, 2017
The conservative buying area is near the lower border of the Bollinger Bands indicator strip at the level of 43.85 dollars per barrel. Canceling the option of continuing growth Oil WTI will be a breakdown of the moving average area 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 43.00 dollars per barrel, which indicates a change in the trend in favor of the bearish by WTI. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.