Quotes Oil WTI traded at the level of 49.09 dollars per barrel. Oil moves above the moving average with a period of 55, indicating a bullish trend for Oil WTI. At the moment, oil quotes are testing the average border of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 48.50 dollars per barrel, where again one should expect an attempt to continue growth and further development of the upward trend of Oil WTI near the level of 51.50 dollars per barrel.
WTI crude oil forecast and analysis on August 8, 2017
The conservative buying area is near the lower border of the Bollinger Bands indicator strip at the level of 48.50 dollars per barrel. Canceling the option of continuing growth Oil WTI 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 47.70 dollar per barrel area, which indicates 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, one should expect an acceleration of growth.