Quotes of WTI crude oil continues to trade in the region of $ 51 per barrel, and at the moment is formed by the breakdown triangle forex pattern, which suggests continued downward decline for the purpose of the field falls below $ 47 per barrel. Cancellation option will increase in quotes and strong oil prices above USD 53 per barrel level. Also do not forget about the formation of the descending pattern forex bearish wave Wolfe with a view to the region falling below 42 dollars a barrel conductive.
WTI crude oil forecasts and analysis on October 19, 2016
An additional signal in favor of the fall is the breakdown of the support line on the indicator of relative strength, it also points to the reduction of WTI oil price.
WTI crude oil forecasts and analysis on October 19, 2016 suggests an attempt to fall within the beginning of mining and forex model triangle with the first target level of below $ 47 per barrel.
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