WTI Crude Oil chart
The following remarks were made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Slow stochastic is well inside its oversold zone. A likely pullback towards the 'Support/Resistance zone' will provide bears another selling opportunity."
The expected pullback almost turned into a rally, but formed a bearish 'rising wedge' pattern. Note the sliding volumes during the formation of the 'wedge' pattern, which gave a warning that the rally would not last.
On Thu. Jun 14, oil's price rose above the 'support/resistance zone' intra-day, but faced strong resistances from the upper edge of the 'wedge' and the merged 20 day and 50 day EMAs.
A sharp breakout below the 'rising wedge' on Fri. Jun 15 was followed by a pullback towards the 'wedge' and the 'support/resistance zone' on Mon. Jun 18. Bears may use the pullback to sell.
Daily technical indicators have corrected oversold conditions, but remain in bearish zones. Oil's price is trading above its rising 200 day EMA in bull territory. However, bears are gaining ground.
On longer term weekly chart (not shown), oil's price is struggling to stay above its 20 week EMA but closed above its 50 week and 200 week EMAs. Weekly MACD is falling in bullish zone. RSI is seeking support from its 50% level. Slow stochastic has dropped below its 50% level. Some more correction or consolidation is likely.
Brent Crude Oil chart
The following remarks were made in the previous post on the daily bar chart pattern of Brent Crude Oil: "Oil's price is trading above its 50 day and 200 day EMAs in bull territory, but the corrective move may continue a while longer."
For more than 3 weeks, oil's price has been correcting within a downward-sloping channel. On Fri. Jun 15, oil's price closed at the lower edge of 'support/resistance zone 2'.
On Mon. Jun 18, oil's price formed a large 'reversal day' bar by falling lower to the edge of the channel, only to bounce up and close above its 50 day EMA. Another attempt may be made by bulls to breach the upper edge of the channel.
Daily technical indicators are looking bearish to neutral. MACD is below its falling signal line and has entered bearish zone. RSI is in neutral zone, and showing some upward momentum. Slow stochastic is in bearish zone, and moving down.
On longer term weekly chart (not shown), oil's price received support from its 20 week EMA, and closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators have corrected overbought conditions. Some more correction or consolidation is likely.
The following remarks were made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Slow stochastic is well inside its oversold zone. A likely pullback towards the 'Support/Resistance zone' will provide bears another selling opportunity."
The expected pullback almost turned into a rally, but formed a bearish 'rising wedge' pattern. Note the sliding volumes during the formation of the 'wedge' pattern, which gave a warning that the rally would not last.
On Thu. Jun 14, oil's price rose above the 'support/resistance zone' intra-day, but faced strong resistances from the upper edge of the 'wedge' and the merged 20 day and 50 day EMAs.
A sharp breakout below the 'rising wedge' on Fri. Jun 15 was followed by a pullback towards the 'wedge' and the 'support/resistance zone' on Mon. Jun 18. Bears may use the pullback to sell.
Daily technical indicators have corrected oversold conditions, but remain in bearish zones. Oil's price is trading above its rising 200 day EMA in bull territory. However, bears are gaining ground.
On longer term weekly chart (not shown), oil's price is struggling to stay above its 20 week EMA but closed above its 50 week and 200 week EMAs. Weekly MACD is falling in bullish zone. RSI is seeking support from its 50% level. Slow stochastic has dropped below its 50% level. Some more correction or consolidation is likely.
Brent Crude Oil chart
The following remarks were made in the previous post on the daily bar chart pattern of Brent Crude Oil: "Oil's price is trading above its 50 day and 200 day EMAs in bull territory, but the corrective move may continue a while longer."
For more than 3 weeks, oil's price has been correcting within a downward-sloping channel. On Fri. Jun 15, oil's price closed at the lower edge of 'support/resistance zone 2'.
On Mon. Jun 18, oil's price formed a large 'reversal day' bar by falling lower to the edge of the channel, only to bounce up and close above its 50 day EMA. Another attempt may be made by bulls to breach the upper edge of the channel.
Daily technical indicators are looking bearish to neutral. MACD is below its falling signal line and has entered bearish zone. RSI is in neutral zone, and showing some upward momentum. Slow stochastic is in bearish zone, and moving down.
On longer term weekly chart (not shown), oil's price received support from its 20 week EMA, and closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators have corrected overbought conditions. Some more correction or consolidation is likely.
No comments:
Post a Comment