Quotes Oil WTI traded at the level of 63.54 dollars per barrel. Oil moves below the moving average with a period of 55, which indicates the presence of a bearish trend for WTI Oil. At the moment, oil quotes are moving near the lower border of the Bollinger Bands indicator bands. A test of the level of 66.80 dollars per barrel is expected, where again we should expect an attempt to continue the fall and further development of the downward trend in oil near the level of 59.00 dollars per barrel.
WTI weekly forecast on November 5 — 9, 2018
The conservative area for sales is located near the upper border of the Bollinger Bands indicator at 75.30 dollars per barrel. Cancellation of the option to continue the fall of WTI Oil will be a breakdown of the moving average area with a period of 55, as well as the upper border of the Bollinger Bands indicator bands and the closure of oil quotes above the area of 76.50 dollars per barrel, indicating a change in trend in favor of bullish WTI. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall.
