WTI Crude chart
The following comments were made in the previous post on the daily bar chart pattern of WTI Crude oil:
”Is the pullback to the top of the ‘triangle’ a buying opportunity? Not really. Note that volumes on the two down-days last week exceeded the volumes on the three up-days. That shows strong bear presence.”
Oil’s price hesitated for a few days near its entangled 20 day and 50 day EMAs before resuming its down trend. The previous low of 38 touched on Aug 24 is likely to be tested.
Daily technical indicators are in bearish zones and showing downward momentum. Oil’s price is falling below its three EMAs in a bear market.
On longer term weekly chart (not shown), oil’s price is trading below its three weekly EMAs in a long-term bear market. Weekly MACD and RSI remain in bearish zones, and are showing downward momentum. Slow stochastic is about to cross below its 50% level.
Brent Crude chart
The following comments appeared in the previous post on the daily bar chart pattern of Brent Crude oil:
“Note that oil’s price is trading well below its falling 200 day EMA in a bear market. So, the pullback towards the top of the ‘triangle’ is likely to become an ‘end run’ below the triangle.”
Oil’s price briefly sought support from its 20 day and 50 day EMAs before resuming its down move. The 42 level touched on Aug 24 may get tested and breached.
Daily technical indicators are in bearish zones and showing downward momentum. All three EMAs are falling and oil’s price is trading below them in a bear market.
On longer term weekly chart (not shown), oil’s price is trading below its three weekly EMAs in a long-term bear market. Weekly technical indicators remain in bearish zones and are showing downward momentum.
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