WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil dropped below the 65 level and stopped just short of testing support from its rising 200 day EMA, before bouncing up and breaking out of a two months long down trend.
Oil's price is trading above its three EMAs in a bull market. However, volume support during last week's rally wasn't very strong. For the rally to sustain, oil's price needs to move convincingly above 70.
Daily technical indicators are looking bullish. MACD is rising above its signal line in bearish zone. RSI has climbed above its 50% level. Slow stochastic is poised to enter its overbought zone. Some more upside is possible, but beware of lurking bears.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are not showing any upward momentum. MACD is falling below its signal line in bullish zone. RSI has moved above its 50% level after slipping below it. Slow stochastic is in bearish zone, but has stopped falling.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil received good support from the 'Support/Resistance zone' (between 70 and 71.30) and bounced up sharply to close above its three EMAs in bull territory.
The near-term down trend from the Jul '18 'double top' pattern has been reversed. However, the slightly longer term down trend from the May '18 'double top' remains in force.
Daily technical indicators are looking bullish. MACD is rising above its signal line and has entered bullish zone. RSI is moving moving above its 50% level. Slow stochastic has entered its overbought zone, and can trigger a pullback towards the 20 day EMA.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are looking bullish. MACD is moving sideways below its signal line in bullish zone. RSI is rising above its 50% level. Slow stochastic has bounced up from the edge of its oversold zone, and is hinting at more upside.
The daily bar chart pattern of WTI Crude Oil dropped below the 65 level and stopped just short of testing support from its rising 200 day EMA, before bouncing up and breaking out of a two months long down trend.
Oil's price is trading above its three EMAs in a bull market. However, volume support during last week's rally wasn't very strong. For the rally to sustain, oil's price needs to move convincingly above 70.
Daily technical indicators are looking bullish. MACD is rising above its signal line in bearish zone. RSI has climbed above its 50% level. Slow stochastic is poised to enter its overbought zone. Some more upside is possible, but beware of lurking bears.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are not showing any upward momentum. MACD is falling below its signal line in bullish zone. RSI has moved above its 50% level after slipping below it. Slow stochastic is in bearish zone, but has stopped falling.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil received good support from the 'Support/Resistance zone' (between 70 and 71.30) and bounced up sharply to close above its three EMAs in bull territory.
The near-term down trend from the Jul '18 'double top' pattern has been reversed. However, the slightly longer term down trend from the May '18 'double top' remains in force.
Daily technical indicators are looking bullish. MACD is rising above its signal line and has entered bullish zone. RSI is moving moving above its 50% level. Slow stochastic has entered its overbought zone, and can trigger a pullback towards the 20 day EMA.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are looking bullish. MACD is moving sideways below its signal line in bullish zone. RSI is rising above its 50% level. Slow stochastic has bounced up from the edge of its oversold zone, and is hinting at more upside.
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