WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil has been in a down trend since touching a high of 75.30 on Jul 3. Within the down trend, oil's price consolidated sideways within a 'symmetrical triangle' pattern.
An expected downward breakout from the 'triangle' on Aug 8 was followed by a pullback to the lower edge of the 'triangle'. Bears may use the pullback to sell.
Oil's price is trading above its 200 day EMA in a bull market. However, the 20 day EMA has crossed below the 50 day EMA - which is a bearish signal in the near term.
Daily technical indicators are in bearish zones. MACD is falling below its signal line. RSI is sliding down below its 50% level. Slow stochastic has bounced up a bit after getting support from the edge of its oversold zone.
Bullish factors like potential supply disruptions due to US sanctions on Iran oil and drop in output from Venezuela are being countered by bearish factors like a strong US Dollar and a ramp-up in production by OPEC.
On longer term weekly chart (not shown), oil's price closed below its 20 week EMA, but above its rising 50 week and 200 week EMAs in long-term bull territory. Weekly technical indicators are showing downward momentum. MACD is falling below its signal line in bullish zone. RSI is seeking support from its 50% level. Slow stochastic is falling below its 50% level.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil has been in a down trend since touching a high of 79.51 on Jul 10. Below the down trend line, oil's price rallied twice - forming bearish 'flag' patterns from which downward breakouts occurred.
Oil's price is trading above its 200 day EMA in a bull market. However, the 20 day EMA has crossed below the 50 day EMA, and both are sliding down - which is a bearish signal in the near term.
Daily technical indicators are in bearish zones. MACD has merged with its signal line and is moving sideways. RSI is moving sideways below its 50% level. Slow stochastic has bounced up after getting support from the edge of its oversold zone.
On longer term weekly chart (not shown), oil's price closed below its 20 week EMA, but above its rising 50 week and 200 week EMAs in long-term bull territory. Weekly technical indicators are looking bearish. MACD is falling below its signal line in bullish zone. RSI is seeking support from its 50% level. Slow stochastic has dropped to the edge of its oversold zone.
The daily bar chart pattern of WTI Crude Oil has been in a down trend since touching a high of 75.30 on Jul 3. Within the down trend, oil's price consolidated sideways within a 'symmetrical triangle' pattern.
An expected downward breakout from the 'triangle' on Aug 8 was followed by a pullback to the lower edge of the 'triangle'. Bears may use the pullback to sell.
Oil's price is trading above its 200 day EMA in a bull market. However, the 20 day EMA has crossed below the 50 day EMA - which is a bearish signal in the near term.
Daily technical indicators are in bearish zones. MACD is falling below its signal line. RSI is sliding down below its 50% level. Slow stochastic has bounced up a bit after getting support from the edge of its oversold zone.
Bullish factors like potential supply disruptions due to US sanctions on Iran oil and drop in output from Venezuela are being countered by bearish factors like a strong US Dollar and a ramp-up in production by OPEC.
On longer term weekly chart (not shown), oil's price closed below its 20 week EMA, but above its rising 50 week and 200 week EMAs in long-term bull territory. Weekly technical indicators are showing downward momentum. MACD is falling below its signal line in bullish zone. RSI is seeking support from its 50% level. Slow stochastic is falling below its 50% level.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil has been in a down trend since touching a high of 79.51 on Jul 10. Below the down trend line, oil's price rallied twice - forming bearish 'flag' patterns from which downward breakouts occurred.
Oil's price is trading above its 200 day EMA in a bull market. However, the 20 day EMA has crossed below the 50 day EMA, and both are sliding down - which is a bearish signal in the near term.
Daily technical indicators are in bearish zones. MACD has merged with its signal line and is moving sideways. RSI is moving sideways below its 50% level. Slow stochastic has bounced up after getting support from the edge of its oversold zone.
On longer term weekly chart (not shown), oil's price closed below its 20 week EMA, but above its rising 50 week and 200 week EMAs in long-term bull territory. Weekly technical indicators are looking bearish. MACD is falling below its signal line in bullish zone. RSI is seeking support from its 50% level. Slow stochastic has dropped to the edge of its oversold zone.
No comments:
Post a Comment