Quotes Oil WTI traded at the level of 74.45 a barrel. Oil is moving above the moving average with a period of 55, which indicates the presence of a bullish trend for WTI Oil. At the moment, oil quotes are moving near the upper border of the Bollinger Bands indicator bands. A test of the level of 72.20 dollars per barrel is expected, where again we should expect an attempt to continue growth and further development of the upward trend for oil near the level of 80.50 dollars per barrel.
WTI weekly forecast on October 8 — 12, 2018
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at 66.70 dollars per barrel. Cancellation of the option of continuing WTI Oil growth will be a breakdown of the moving average area with a period of 55, as well as the lower border of the Bollinger Bands indicator bands and the closure of Oil quotes below the 65.00 dollar per barrel area, which will indicate a change in the trend in favor of bearish WTI. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.