WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil retreated from the strong resistance zone between 66 & 67 and dropped to close below its 20 day and 50 day EMAs on Apr 6.
Oil's price bounced up after receiving support from the (purple) up trend line on Apr 9 to close just above its 20 day EMA - and well above its rising 200 day EMA in a bull market.
Daily technical indicators are looking neutral to bearish, and not showing any upward momentum. MACD is falling below its signal line in bullish zone. RSI is at its neutral zone. Slow stochastic is falling in bearish zone.
Strong volumes on recent down days indicate that bears are active. If the up trend line gets breached, oil's price can drop to 58. Any rally towards the resistance zone will induce bear selling.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory, but maybe forming a 'double top' reversal pattern. Weekly technical indicators are in bullish zones but not showing any upward momentum.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil retreated after facing strong resistance from the resistance zone between 70 & 71.30, and dropped to close below its 20 day EMA on Apr 6.
Oil's price bounced up after receiving support from its 50 day EMA on Apr 9, and closed above its three rising EMAs in bull territory.
Daily technical indicators are looking neutral to bearish, and not showing any upward momentum. MACD has slipped below its signal line in bullish zone. RSI and Slow stochastic are at their respective neutral zones.
Oil's price can make another attempt to cross above the resistance zone. Bears may try to push oil's price down towards the up trend line.
Rising global oil production and US oil exports can derail the rally in oil prices.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory, but maybe forming a 'double top' reversal pattern. Weekly technical indicators are in bullish zones but not showing any upward momentum.
The daily bar chart pattern of WTI Crude Oil retreated from the strong resistance zone between 66 & 67 and dropped to close below its 20 day and 50 day EMAs on Apr 6.
Oil's price bounced up after receiving support from the (purple) up trend line on Apr 9 to close just above its 20 day EMA - and well above its rising 200 day EMA in a bull market.
Daily technical indicators are looking neutral to bearish, and not showing any upward momentum. MACD is falling below its signal line in bullish zone. RSI is at its neutral zone. Slow stochastic is falling in bearish zone.
Strong volumes on recent down days indicate that bears are active. If the up trend line gets breached, oil's price can drop to 58. Any rally towards the resistance zone will induce bear selling.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory, but maybe forming a 'double top' reversal pattern. Weekly technical indicators are in bullish zones but not showing any upward momentum.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil retreated after facing strong resistance from the resistance zone between 70 & 71.30, and dropped to close below its 20 day EMA on Apr 6.
Oil's price bounced up after receiving support from its 50 day EMA on Apr 9, and closed above its three rising EMAs in bull territory.
Daily technical indicators are looking neutral to bearish, and not showing any upward momentum. MACD has slipped below its signal line in bullish zone. RSI and Slow stochastic are at their respective neutral zones.
Oil's price can make another attempt to cross above the resistance zone. Bears may try to push oil's price down towards the up trend line.
Rising global oil production and US oil exports can derail the rally in oil prices.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory, but maybe forming a 'double top' reversal pattern. Weekly technical indicators are in bullish zones but not showing any upward momentum.
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