WTI Oil quotes are trading at 71.80 dollars per barrel. Oil moves below the moving average with a period of 55, which indicates the presence of a bearish trend for WTI Oil. At the moment, oil quotes are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 73.00 dollars per barrel is expected, from where we again expect an attempt to continue to fall and further develop the downward trend in oil near the level of 69.50 dollars per barrel.
WTI crude oil forecast and analysis on October 16, 2018
The conservative area for sales is located near the upper border of the Bollinger Bands indicator bars at 74.60 dollars per barrel. Cancellation of the option to continue the fall of WTI Oil will be the breakdown of the moving average area with a period of 55, as well as the upper border of the Bollinger Bands indicator bands and the closure of oil quotes above the area of 76.00 dollars per barrel, indicating a change in trend in favor of bullish WTI. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall.