Quotes Oil WTI traded at a level of 44.71 dollars per barrel. Oil is moving below the moving average with a period of 55, indicating a bearish trend for Oil WTI. 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 45.14 dollars per barrel, from which one should expect an attempt to continue the fall and further development of the downward trend for Oil WTI near the level of 42.80 dollars per barrel.
Bollinger Bands forecast WTI on July 11, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at $ 46.80. The abolition of the option to continue the fall of the Oil WTI 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 quotes of the pair above the 47.80 dollars per barrel area, indicating a change in the trend in favor of the bull on 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.