Quotes Oil WTI traded at the level of 47.16 dollars per barrel. Oil moves above the moving average with a period of 55, indicating a bullish trend for WTI Oil. At the moment, oil quotes are moving near the upper boundary of the Bollinger Bands indicator strip. It is expected to test the average border of the Bollinger Bands indicator bars near the level of 46.07 dollars per barrel, where again we should expect an attempt to continue growth and further development of the upward trend in oil near the level of 48.65 dollars per barrel. An additional signal in favor of growth is the support area test.
Bollinger Bands forecast WTI on July 5, 2017
The conservative area for purchases is located near the lower border of the Bollinger Bands indicator strip at the level of 44.45 dollars per barrel. Canceling the option of continuing growth WTI Oil will be a breakdown of the moving average region with a period of 55, as well as the lower boundary of the Bollinger Bands indicator bars and the closing of oil quotes below the area of 43.45 dollars per barrel, which will indicate a change in the trend in favor of the WTI bearish. In the event of a breakdown of the upper boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate growth.