WTI Crude Oil chart
The following comments were made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Some more correction or consolidation is likely. Expect the zone between 48 & 49 to provide support...Bulls are likely to use any further dip to buy."
On Fri. Oct 6, oil's price dropped below its 50 day EMA to touch an intra-day low of 49.10 - testing support from the zone between 48 & 49. As expected, bulls used the dip to buy.
Oil's price bounced up above its 20 day EMA and the 'support/resistance' level of 50.50, but stopped short of its Sep 28 top of 52.86.
All three EMAs are rising, and oil's price is trading above them in a bull market. Daily technical indicators are in bullish zones, and showing upward momentum.
A likely move above 52.86 will restore the bullish pattern of 'higher tops, higher bottoms' from the Jun '17 low of 42. Oil's price may test its Apr '17 top of 54.
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 bullish zones. Slow stochastic has slipped down from its overbought zone.
Brent Crude Oil chart
The following comment appeared in the previous post on the daily bar chart pattern of Brent Crude Oil: "Any further dip will provide an opportunity to buy."
Oil's price dropped below the 'support/resistance' level of 56 and its 20 day EMA to touch an intra-day low of 55.06 on Mon. Oct 9. Bulls used the dip to buy. Oil's price touched an intra-day high of 58.48 on Mon. Oct 16 before closing just below 58.
All three EMAs are rising, and oil's price is trading above them in a bull market. Daily technical indicators are in bullish zones, and showing upward momentum.
A likely move above 59 will restore the bullish pattern of 'higher tops, higher bottoms' from the Jun '17 low of 44.
Oil's price may face resistance from a long-term unfilled weekly downward 'gap' between 60 & 61 (formed back in Jun '15).
On longer term weekly chart (not shown), oil's price closed above its rising 20 week and 50 week EMAs but below its sliding 200 week EMA in a long-term bear market. Weekly MACD and RSI are in bullish zones, and showing upward momentum. Slow stochastic is inside its overbought zone.
The following comments were made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Some more correction or consolidation is likely. Expect the zone between 48 & 49 to provide support...Bulls are likely to use any further dip to buy."
On Fri. Oct 6, oil's price dropped below its 50 day EMA to touch an intra-day low of 49.10 - testing support from the zone between 48 & 49. As expected, bulls used the dip to buy.
Oil's price bounced up above its 20 day EMA and the 'support/resistance' level of 50.50, but stopped short of its Sep 28 top of 52.86.
All three EMAs are rising, and oil's price is trading above them in a bull market. Daily technical indicators are in bullish zones, and showing upward momentum.
A likely move above 52.86 will restore the bullish pattern of 'higher tops, higher bottoms' from the Jun '17 low of 42. Oil's price may test its Apr '17 top of 54.
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 bullish zones. Slow stochastic has slipped down from its overbought zone.
Brent Crude Oil chart
The following comment appeared in the previous post on the daily bar chart pattern of Brent Crude Oil: "Any further dip will provide an opportunity to buy."
Oil's price dropped below the 'support/resistance' level of 56 and its 20 day EMA to touch an intra-day low of 55.06 on Mon. Oct 9. Bulls used the dip to buy. Oil's price touched an intra-day high of 58.48 on Mon. Oct 16 before closing just below 58.
All three EMAs are rising, and oil's price is trading above them in a bull market. Daily technical indicators are in bullish zones, and showing upward momentum.
A likely move above 59 will restore the bullish pattern of 'higher tops, higher bottoms' from the Jun '17 low of 44.
Oil's price may face resistance from a long-term unfilled weekly downward 'gap' between 60 & 61 (formed back in Jun '15).
On longer term weekly chart (not shown), oil's price closed above its rising 20 week and 50 week EMAs but below its sliding 200 week EMA in a long-term bear market. Weekly MACD and RSI are in bullish zones, and showing upward momentum. Slow stochastic is inside its overbought zone.
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