WTI Crude Oil chart
The following comments were made in the previous post on the daily closing chart pattern of WTI Crude Oil: "Oil's price is likely to correct downwards from the 'wedge'. Stronger volumes on recent down days are indicating that bears are sensing an opportunity to attack."
Daily technical indicators, which were looking bearish and showing negative divergences, had also signalled a correction.
Oil's price broke down below the 'rising wedge' pattern and plummeted below its 200 day EMA in the space of three trading sessions - wiping out all gains made in the previous three months.
After a brief pullback above the 200 day EMA, oil's price has once again dropped into bear territory below its three EMAs.
Daily technical indicators have corrected oversold conditions, but remain in bearish zones and are not showing any upward momentum.
Bears have regained control of the chart. Expect some support at 47.
On longer term weekly chart (not shown), oil's price has dropped below its 20 week EMA and is seeking support from its 50 week EMA. It closed well below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are looking bearish, and showing downward momentum.
Brent Crude Oil chart
The daily closing chart pattern of Brent Crude Oil broke down sharply below the 'symmetrical triangle' pattern within which it was consolidating for the previous 10 weeks.
All gains made in the previous three months were erased in three trading sessions. Oil's price has bounced up after finding good support from its 200 day EMA.
The respite from a strong bear attack may be short-lived for bulls. Daily technical indicators are close to their respective oversold zones and showing downward momentum.
Some more correction - towards 49 - is likely.
On longer term weekly chart (not shown), oil's price has dropped below its 20 week EMA and is seeking support from its 50 week EMA. It closed well below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are looking bearish, and showing downward momentum.
The following comments were made in the previous post on the daily closing chart pattern of WTI Crude Oil: "Oil's price is likely to correct downwards from the 'wedge'. Stronger volumes on recent down days are indicating that bears are sensing an opportunity to attack."
Daily technical indicators, which were looking bearish and showing negative divergences, had also signalled a correction.
Oil's price broke down below the 'rising wedge' pattern and plummeted below its 200 day EMA in the space of three trading sessions - wiping out all gains made in the previous three months.
After a brief pullback above the 200 day EMA, oil's price has once again dropped into bear territory below its three EMAs.
Daily technical indicators have corrected oversold conditions, but remain in bearish zones and are not showing any upward momentum.
Bears have regained control of the chart. Expect some support at 47.
On longer term weekly chart (not shown), oil's price has dropped below its 20 week EMA and is seeking support from its 50 week EMA. It closed well below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are looking bearish, and showing downward momentum.
Brent Crude Oil chart
The daily closing chart pattern of Brent Crude Oil broke down sharply below the 'symmetrical triangle' pattern within which it was consolidating for the previous 10 weeks.
All gains made in the previous three months were erased in three trading sessions. Oil's price has bounced up after finding good support from its 200 day EMA.
The respite from a strong bear attack may be short-lived for bulls. Daily technical indicators are close to their respective oversold zones and showing downward momentum.
Some more correction - towards 49 - is likely.
On longer term weekly chart (not shown), oil's price has dropped below its 20 week EMA and is seeking support from its 50 week EMA. It closed well below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are looking bearish, and showing downward momentum.
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