Quotes WTI crude oil traded at the level of $ 51.30 per barrel. Oil moves above the moving average with a period of 55, indicating a bullish trend for WTI Oil. At the moment, oil quotes are moving near the upper boundary of the Bollinger Bands indicator strip. It is expected to test the average border of the Bollinger Bands indicator near the level $ 50.00 per barrel, where again we should expect an attempt to continue growth and further development of the bullish trend in oil with the first target near the level $ 53.00 per barrel.
WTI forecast crude oil prices on May 23, 2017
An additional signal in favor of growth is the support area test. The conservative area for buy WTI is located near the lower border of the Bollinger Bands indicator strip at the level $ 48.60 per barrel. Canceling the option of continuing growth WTI Oil will be a breakdown of the moving average area 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 $ 47.50 per barrel, which will indicate a change in the trend in favor of the WTI bearish. In the event of a breakdown of the upper boundary of the Bollinger Bands indicator strips, it is expected to accelerate the growth of WTI crude oil to the area above the level of $ 53.00 per barrel.