WTI Crude Oil chart
The following comments were made in the previous post on the daily bar chart pattern of WTI Crude Oil: "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."
Oil's price sought support from its rising 20 day EMA before soaring past the Sep 28 top of 52.86 to close just below 54 on Oct 27.
After a brief sideways consolidation between 54 & 55, oil's price rose sharply past 57 to touch a 52 week high on Nov 6 '17.
All three EMAs are rising, and oil's price is trading above them in a bull market. However, bulls may have run a bit ahead of themselves.
Daily technical indicators are looking quite overbought. Slow stochastic is showing negative divergence by failing to touch a new high with oil's price. A pullback towards 55 is a possibility.
On longer term weekly chart (not shown), oil's price closed well above its 20 week and 50 week EMAs but is facing resistance from its sliding 200 week EMA. Weekly MACD is rising above its signal line in bullish zone. RSI and Slow stochastic are looking overbought.
Brent Crude Oil chart
The following comments appeared in the previous post on the daily bar chart pattern of Brent Crude Oil: "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)."
Oil's price moved smartly past 59 on Oct 27, only to consolidate sideways between 60 & 61 for the next four trading sessions. On Nov 3, oil's price broke out upwards to close just above 62. On Nov 6, it touched a new 52 week high, and closed above 64.
All three EMAs are rising, and oil's price is trading above them in a bull market. A crackdown on corrupt officials by the Saudi crown prince may have triggered the sudden surge in oil's price.
Technical indicators are looking overbought. Slow stochastic is showing negative divergence by touching a lower top while oil's price rose higher. A pullback towards the zone between 61 & 62 is likely.
On longer term weekly chart (not shown), oil's price closed above its sliding 200 week EMA for the first time in more than 3 years. Weekly technical indicators are showing upward momentum but looking overbought. A correction or consolidation may be around the corner.
The following comments were made in the previous post on the daily bar chart pattern of WTI Crude Oil: "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."
Oil's price sought support from its rising 20 day EMA before soaring past the Sep 28 top of 52.86 to close just below 54 on Oct 27.
After a brief sideways consolidation between 54 & 55, oil's price rose sharply past 57 to touch a 52 week high on Nov 6 '17.
All three EMAs are rising, and oil's price is trading above them in a bull market. However, bulls may have run a bit ahead of themselves.
Daily technical indicators are looking quite overbought. Slow stochastic is showing negative divergence by failing to touch a new high with oil's price. A pullback towards 55 is a possibility.
On longer term weekly chart (not shown), oil's price closed well above its 20 week and 50 week EMAs but is facing resistance from its sliding 200 week EMA. Weekly MACD is rising above its signal line in bullish zone. RSI and Slow stochastic are looking overbought.
Brent Crude Oil chart
The following comments appeared in the previous post on the daily bar chart pattern of Brent Crude Oil: "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)."
Oil's price moved smartly past 59 on Oct 27, only to consolidate sideways between 60 & 61 for the next four trading sessions. On Nov 3, oil's price broke out upwards to close just above 62. On Nov 6, it touched a new 52 week high, and closed above 64.
All three EMAs are rising, and oil's price is trading above them in a bull market. A crackdown on corrupt officials by the Saudi crown prince may have triggered the sudden surge in oil's price.
Technical indicators are looking overbought. Slow stochastic is showing negative divergence by touching a lower top while oil's price rose higher. A pullback towards the zone between 61 & 62 is likely.
On longer term weekly chart (not shown), oil's price closed above its sliding 200 week EMA for the first time in more than 3 years. Weekly technical indicators are showing upward momentum but looking overbought. A correction or consolidation may be around the corner.
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