Quotes Oil WTI traded at the level of 43.95 dollars per barrel. Oil is moving below the moving average with a period of 55, indicating a bearish trend for WTI Oil. At the moment, oil quotes are testing the lower boundary of the bands of the Bollinger Bands indicator. An insignificant correction is expected near the level of 44.67 dollars per barrel, from which one should expect an attempt to continue the fall and further development of the downward trend for Oil near the level of 43.50$.
Bollinger Bands forecast WTI on July 10, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bands at 47.70 dollars per barrel. The abolition of the option to continue the fall of the oil will be the breakdown of the upper boundary of the Bollinger Bands indicator strips, as well as the moving average with a period of 55 and the closing of the pair’s quotes above the 48.65 dollars per barrel, indicating a change in the bullish trend for Oil WTI. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.