WTI Oil quotes are trading at 35.81 dollars per barrel. Oil moves below the moving average with a period of 55. This indicates the bearish on WTI. At the moment, oil quotes are moving near the lower border of the Bollinger Bands indicator bars.
WTI weekly forecast on November 2 — 6, 2020
As part of the forecast WTI Oil is expected to test the level of 39.60 dollars per barrel. Where can we expect an attempt to continue the fall in Oil and the further development of the downward trend. The purpose of this movement is the area near the level of 29.20 dollars per barrel. The conservative sales area is located near the upper border of the Bollinger Bands indicator bars at 43.10 dollars per barrel.
Cancellation of the option to continue the fall in WTI Oil will be a breakdown of the upper border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of oil quotations above the area of 45.20 dollars per barrel. This will indicate a change in the current trend in favor of the bullish for WTI. In case of a breakdown of the lower border of the Bollinger Bands indicator bars, we should expect an acceleration of the fall.
WTI weekly forecast on November 2 — 6, 2020 implies a test level of 39.60 dollars per barrel. Further, it is expected to continue falling to the area below the level of 29.20 dollars per barrel. The conservative selling area is located near the area of 43.10 dollars per barrel. The cancellation of the WTI Oil fall option will be the breakdown of the level of 45.20 dollars per barrel. In this case, we should expect continued growth.
