WTI Crude Oil chart
Bears are in control of the daily bar chart pattern of WTI Crude Oil. Every attempt to rally by bulls is encountering strong selling. Oil's price is trading below its three EMAs in a bear market.
Daily technical indicators are in bearish zones. MACD is moving sideways below its falling signal line in bearish zone. RSI is also moving sideways - just below its 50% level.
Slow stochastic showed positive divergence by touching a slightly higher bottom - but the subsequent technical bounce is facing strong resistance from the entangled 20 day and 50 day EMAs.
The bearish pattern of 'lower tops, lower bottoms' continues to dominate the chart - as it has done for the past 6 months.
In more bad news for oil bulls, Russian scientists claim to have created a technology for thermochemical gas fracturing that can be an alternative to hydraulic fracturing and could increase oil production by between 1.7 and 6 times.
On longer term weekly chart (not shown), oil's price closed below its 20 week and 50 week EMAs and well below its falling 200 week EMA in a long-term bear market. Weekly MACD and RSI are sliding down in neutral zones. Slow stochastic is showing downward momentum in bullish zone.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil has been consolidating sideways within a 'rectangle' pattern (between 50 & 53) for the past 6 weeks.
A 'rectangle' is usually a continuation pattern. Since oil's price entered the pattern from below during a rally, the logical breakout should be upwards (i.e. above 53). However, a 'rectangle' is not a reliable pattern as it can also act as a reversal pattern.
In other words, one needs to wait for a breakout - either above or below the pattern - to make a buy or sell decision.
Daily technical indicators are in bullish zones. However, MACD and RSI are showing negative divergences by touching lower bottoms. The formation of a 'hanging man' candlestick pattern on Fri. Sep 1 may trigger a corrective move towards 50.
On longer term weekly chart (not shown), oil's price closed above its 20 week and 50 week EMAs but well below its falling 200 week EMA in a long-term bear market. Weekly MACD and RSI are in neutral zones. Slow stochastic has entered its overbought zone.
Bears are in control of the daily bar chart pattern of WTI Crude Oil. Every attempt to rally by bulls is encountering strong selling. Oil's price is trading below its three EMAs in a bear market.
Daily technical indicators are in bearish zones. MACD is moving sideways below its falling signal line in bearish zone. RSI is also moving sideways - just below its 50% level.
Slow stochastic showed positive divergence by touching a slightly higher bottom - but the subsequent technical bounce is facing strong resistance from the entangled 20 day and 50 day EMAs.
The bearish pattern of 'lower tops, lower bottoms' continues to dominate the chart - as it has done for the past 6 months.
In more bad news for oil bulls, Russian scientists claim to have created a technology for thermochemical gas fracturing that can be an alternative to hydraulic fracturing and could increase oil production by between 1.7 and 6 times.
On longer term weekly chart (not shown), oil's price closed below its 20 week and 50 week EMAs and well below its falling 200 week EMA in a long-term bear market. Weekly MACD and RSI are sliding down in neutral zones. Slow stochastic is showing downward momentum in bullish zone.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil has been consolidating sideways within a 'rectangle' pattern (between 50 & 53) for the past 6 weeks.
A 'rectangle' is usually a continuation pattern. Since oil's price entered the pattern from below during a rally, the logical breakout should be upwards (i.e. above 53). However, a 'rectangle' is not a reliable pattern as it can also act as a reversal pattern.
In other words, one needs to wait for a breakout - either above or below the pattern - to make a buy or sell decision.
Daily technical indicators are in bullish zones. However, MACD and RSI are showing negative divergences by touching lower bottoms. The formation of a 'hanging man' candlestick pattern on Fri. Sep 1 may trigger a corrective move towards 50.
On longer term weekly chart (not shown), oil's price closed above its 20 week and 50 week EMAs but well below its falling 200 week EMA in a long-term bear market. Weekly MACD and RSI are in neutral zones. Slow stochastic has entered its overbought zone.
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