US OIL (WTI) - 1W - Bolling Band Support

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Underlying:USOIL (WTI)
Time frame:1W

Last week I posted about oil continuing on its up trend. Although last week was a declining week I am still looking at it to increase in price over the long term. Why? The Bolling Bands Centre Line is acting like it does when it becomes support. You see a break of the centre line which has already happened, you then see a "re-test" as the line makes a "level off" print. And then from there we will see a further increase.

I have also shown on the MACD how I believe it will act, now that oil it starting to pass through the centre line and historic averages, most of the time is does not tend to change direction during the cross over.

Again, this week you might see a further sell off but it will be to the bollinger band centre line at 47.75.
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