Quotes WTI oil traded at the level of 49.41. Oil moves above the moving average with a period of 55, indicating a bullish trend for WTI oil. At the moment, oil quotes are testing the upper boundary of the Bollinger Bands indicator. It is expected to test the average border of the indicator near the level of 48.10, where again we should expect an attempt to continue the growth and further development of the upward trend in Oil with the first target near the level of 51.00.
Technical analysis & WTI oil forecast on May 16, 2017
The conservative WTI oil buy area is near the lower border of the Bollinger Bands indicator strip at 46.70. Canceling the option of continuing growth WTI Oil will be a breakdown of the moving average indicator with a period of 55, as well as the lower boundary of the Bollinger Bands indicator and the closing of oil quotes below the area of 45.70, which indicates a change in the uptrend in favor of the bearish trend on WTI oil. In the event of a breakdown of the upper boundary of the Bollinger Bands, it is expected to accelerate the growth of oil in the area above the level of 51.00.