WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil has failed to make much upward progress since touching a 52 week high on Jan 3.
Oil's price has been consolidating sideways in a range between 50.50 and 54.50 with a slight upward bias - as can be seen from the gradually rising 20 day EMA.
Daily technical indicators are in bullish zones. MACD and RSI are moving sideways. Slow stochastic is showing a bit of upward momentum.
Eventually there will be a breakout from the trading range. Expect it to be upwards - to the 59-60 zone.
On longer term weekly chart (not shown), oil's price is trading above its rising 20 week and 50 week EMAs, but below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are in bullish zones, but only Slow stochastic is showing some upward momentum.
Brent Crude Oil chart
After touching a 52 week high on Jan 3, the daily bar chart pattern of Brent Crude Oil has been stuck in a range between 53.50 and 57.50.
The gradually rising 20 day EMA indicates that bulls have retained control during the sideways consolidation.
Daily technical indicators are giving conflicting signals - which is often the case during sideways consolidations. MACD is sliding below its signal line in positive zone. RSI is moving sideways along its 50% level. Slow stochastic has dropped below its 50% level.
A likely upward breakout from the trading range can take oil's price to the 61-62 zone.
On longer term weekly chart (not shown), oil's price is trading above its rising 20 week and 50 week EMAs, but below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are in bullish zones, but not showing any upward momentum.
The daily bar chart pattern of WTI Crude Oil has failed to make much upward progress since touching a 52 week high on Jan 3.
Oil's price has been consolidating sideways in a range between 50.50 and 54.50 with a slight upward bias - as can be seen from the gradually rising 20 day EMA.
Daily technical indicators are in bullish zones. MACD and RSI are moving sideways. Slow stochastic is showing a bit of upward momentum.
Eventually there will be a breakout from the trading range. Expect it to be upwards - to the 59-60 zone.
On longer term weekly chart (not shown), oil's price is trading above its rising 20 week and 50 week EMAs, but below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are in bullish zones, but only Slow stochastic is showing some upward momentum.
Brent Crude Oil chart
After touching a 52 week high on Jan 3, the daily bar chart pattern of Brent Crude Oil has been stuck in a range between 53.50 and 57.50.
The gradually rising 20 day EMA indicates that bulls have retained control during the sideways consolidation.
Daily technical indicators are giving conflicting signals - which is often the case during sideways consolidations. MACD is sliding below its signal line in positive zone. RSI is moving sideways along its 50% level. Slow stochastic has dropped below its 50% level.
A likely upward breakout from the trading range can take oil's price to the 61-62 zone.
On longer term weekly chart (not shown), oil's price is trading above its rising 20 week and 50 week EMAs, but below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are in bullish zones, but not showing any upward momentum.
1 comment:
Why the ‘next leg in the oil bull market’ is coming soon
http://www.marketwatch.com/story/why-the-next-leg-in-the-oil-bull-market-could-come-soon-2017-02-20
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