WTI Crude Oil chart
Oversold technical indicators had led to the following comments on the previous post on the daily bar chart pattern of WTI Crude Oil: "A pullback towards the 200 day EMA and the lower edge of the 'rising wedge' may have started. Bears will probably use the opportunity to sell again."
The pullback faced strong resistance from the 200 day EMA as bears resumed their selling, which dropped oil's price towards a 3 months low of 42.
Oversold technical indicators and positive divergences visible on RSI and Slow stochastic (which failed to touch new lows) triggered another rally to the lower edge of the large 'rising wedge' pattern.
Growing conviction that OPEC members may agree to a production cut at its Nov 30 meeting in Vienna propelled oil's price above its three EMAs into bull territory.
Bulls may continue their domination for another week.
On longer term weekly chart (not shown), oil's price has closed above its entangled 20 week and 50 week EMAs, but well below its sliding 200 week EMA in a long-term bear market. Weekly technical indicators are looking mildly bullish.
Brent Crude Oil chart
The following comments were made in the previous post on the daily bar chart pattern of Brent Crude Oil: "Daily technical indicators are looking oversold, but showing some signs of a recovery. A pullback towards the 200 day EMA and the lower edge of the 'rising wedge' is likely."
The initial pullback faced strong resistance from the 47 level and dropped to a 3 months low of 43.50. Oil's price pulled back again - this time to its 200 day EMA, where it again faced resistance.
After dropping to a higher low of 46, oil's price rallied sharply on hopes of an output cut by OPEC members and rose past its three EMAs towards the lower edge of the large 'rising wedge' pattern.
All three daily technical indicators are showing upward momentum, though MACD is still inside its negative zone. Slow stochastic has formed a bullish 'inverse head and shoulders' like pattern inside its oversold zone.
Oil's price may attempt to test its Oct '16 top.
On longer term weekly chart (not shown), oil's price has closed above its entangled 20 week and 50 week EMAs, but well below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are looking slightly bullish.
Oversold technical indicators had led to the following comments on the previous post on the daily bar chart pattern of WTI Crude Oil: "A pullback towards the 200 day EMA and the lower edge of the 'rising wedge' may have started. Bears will probably use the opportunity to sell again."
The pullback faced strong resistance from the 200 day EMA as bears resumed their selling, which dropped oil's price towards a 3 months low of 42.
Oversold technical indicators and positive divergences visible on RSI and Slow stochastic (which failed to touch new lows) triggered another rally to the lower edge of the large 'rising wedge' pattern.
Growing conviction that OPEC members may agree to a production cut at its Nov 30 meeting in Vienna propelled oil's price above its three EMAs into bull territory.
Bulls may continue their domination for another week.
On longer term weekly chart (not shown), oil's price has closed above its entangled 20 week and 50 week EMAs, but well below its sliding 200 week EMA in a long-term bear market. Weekly technical indicators are looking mildly bullish.
Brent Crude Oil chart
The following comments were made in the previous post on the daily bar chart pattern of Brent Crude Oil: "Daily technical indicators are looking oversold, but showing some signs of a recovery. A pullback towards the 200 day EMA and the lower edge of the 'rising wedge' is likely."
The initial pullback faced strong resistance from the 47 level and dropped to a 3 months low of 43.50. Oil's price pulled back again - this time to its 200 day EMA, where it again faced resistance.
After dropping to a higher low of 46, oil's price rallied sharply on hopes of an output cut by OPEC members and rose past its three EMAs towards the lower edge of the large 'rising wedge' pattern.
All three daily technical indicators are showing upward momentum, though MACD is still inside its negative zone. Slow stochastic has formed a bullish 'inverse head and shoulders' like pattern inside its oversold zone.
Oil's price may attempt to test its Oct '16 top.
On longer term weekly chart (not shown), oil's price has closed above its entangled 20 week and 50 week EMAs, but well below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are looking slightly bullish.
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