Quotes Oil WTI traded at the level of 45.10 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 average border of the Bollinger Bands indicator. An insignificant correction is expected near the level of 45.35 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 42.05 dollars per barrel.
Bollinger Bands forecast WTI on July 12, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator strip at the level of 45.95. The abolition of the option of continuing the fall of the Oil WTI will be a breakdown of the upper boundary of the Bollinger Bands indicator strips, as well as a moving average with a period of 55 and the closing of the pair’s quotations above 47.10 dollars per barrel, which indicates 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.