WTI Crude Oil chart
The following remarks were made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Daily technical indicators are looking overbought and showing upward momentum. Some more upside is possible. However, a correction or consolidation may be around the corner."
A sharp high-volume correction dropped oil's price below the 68 level intra-day on May 8, but bulls 'bought the dip'. Oil's price recovered the very next day, and rallied past the 72 level to a new 3 year high on May 21.
Daily technical indicators are looking overbought and showing negative divergences by failing to touch new highs with oil's price. Falling volumes during the last leg of the rally is also a bearish sign.
Oil's price is trading well above its three rising EMAs in a bull market. But some correction or consolidation may be on the cards.
On longer term weekly chart (not shown), oil's price closed well above its three rising weekly EMAs. The 50 week EMA has crossed above the 200 week EMA. The 'golden cross' has technically confirmed a return to a long-term bull market. Weekly technical indicators are looking overbought and showing negative divergences by failing to touch new highs with oil's price.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil suffered a day's high-volume correction down to the 73 level on May 8, but bounced up after receiving good support from its rising 20 day EMA.
The rally continued. Oil's price crossed above 80 for the first time in more than 3 years on May 17, but closed lower near its opening level - forming a 'shooting star' candlestick pattern that often marks an intermediate top.
Oil's price is trading well above its three rising EMAs in a bull market. Daily technical indicators are correcting overbought conditions. Some correction or consolidation may follow.
On longer term weekly chart (not shown), oil's price closed well above its three weekly EMAs in long-term bull territory. The 'golden cross' of the 50 week EMA above the 200 week EMA has technically confirmed a return to a long-term bull market. Weekly technical indicators are looking overbought. RSI and Slow stochastic are showing negative divergences by failing to touch new highs with oil's price.
The following remarks were made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Daily technical indicators are looking overbought and showing upward momentum. Some more upside is possible. However, a correction or consolidation may be around the corner."
A sharp high-volume correction dropped oil's price below the 68 level intra-day on May 8, but bulls 'bought the dip'. Oil's price recovered the very next day, and rallied past the 72 level to a new 3 year high on May 21.
Daily technical indicators are looking overbought and showing negative divergences by failing to touch new highs with oil's price. Falling volumes during the last leg of the rally is also a bearish sign.
Oil's price is trading well above its three rising EMAs in a bull market. But some correction or consolidation may be on the cards.
On longer term weekly chart (not shown), oil's price closed well above its three rising weekly EMAs. The 50 week EMA has crossed above the 200 week EMA. The 'golden cross' has technically confirmed a return to a long-term bull market. Weekly technical indicators are looking overbought and showing negative divergences by failing to touch new highs with oil's price.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil suffered a day's high-volume correction down to the 73 level on May 8, but bounced up after receiving good support from its rising 20 day EMA.
The rally continued. Oil's price crossed above 80 for the first time in more than 3 years on May 17, but closed lower near its opening level - forming a 'shooting star' candlestick pattern that often marks an intermediate top.
Oil's price is trading well above its three rising EMAs in a bull market. Daily technical indicators are correcting overbought conditions. Some correction or consolidation may follow.
On longer term weekly chart (not shown), oil's price closed well above its three weekly EMAs in long-term bull territory. The 'golden cross' of the 50 week EMA above the 200 week EMA has technically confirmed a return to a long-term bull market. Weekly technical indicators are looking overbought. RSI and Slow stochastic are showing negative divergences by failing to touch new highs with oil's price.
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