Quotes crude oil WTI traded at the level of 49.57 dollars per barrel. Oil continues to trade below the moving average with a period of 55, indicating a bearish trend for WTI Oil. At the moment, oil quotes are testing the lower boundary of the bands of the Bollinger Bands indicator. It is expected to test the average border of the Bollinger Bands indicator bars near the level of 50.90, where again we should expect an attempt to continue the fall and further development of the downward trend in Oil with the first target near the level of 47.80.
Bollinger Bands forecast WTI on April 24, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator strip at the level of 53.50. Canceling the option to continue falling WTI Oil will be a breakdown of the moving average area with a period of 55, as well as the upper boundary of the indicator bars and the closing of oil quotes above the area of 54.30, indicating a change in the trend in favor of the bull on WTI. In the event of a breakdown of the lower boundary of the indicator bands, it is expected to accelerate the fall of Oil to the area below the level of 47.80.