WTI Crude Oil chart
The following remark was made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Daily technical indicators are looking quite overbought, and can trigger a correction."
Oil's price rose to touch a 52 week high of 76.90 on Oct 3, but started correcting from the next day and dropped to seek support from its 50 day EMA. The subsequent pullback is facing resistance from its 20 day EMA.
Daily technical indicators are showing downward momentum after correcting overbought conditions. MACD is falling below its signal line in bullish zone. RSI has slipped below its 50% level. Slow stochastic has dropped inside its oversold zone, and can trigger a rally.
Oil's price is trading above its 50 day and 200 day EMAs in a bull market. Expect some consolidation before the starting the next leg of the rally.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators showed negative divergences by touching lower tops, and are moving down in bullish zones.
Brent Crude Oil chart
The following comments appeared in the previous post on the daily bar chart pattern of Brent Crude Oil: "...vertical rally during the past two weeks is unsustainable. A correction may follow."
Oil's price rose to touch a 52 week high of 86.74 on Oct 3, but started correcting from the very next day. It dropped to seek support from its 50 day EMA before bouncing up to its 20 day EMA.
Daily technical indicators are looking bearish after correcting overbought conditions. MACD is falling below its signal line in bullish zone. RSI has slipped below its 50% level. Slow stochastic has dropped to the edge of its oversold zone, and can trigger a rally.
Oil's price is trading above its 50 day and 200 day EMAs in a bull market. Some consolidation can be expected before the next leg of the rally can begin.
On longer term weekly chart (not shown), oil's price closed above its three rising weekly EMAs in long-term bull territory. Weekly technical indicators are in bullish zones, but not showing any upward momentum.
The following remark was made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Daily technical indicators are looking quite overbought, and can trigger a correction."
Oil's price rose to touch a 52 week high of 76.90 on Oct 3, but started correcting from the next day and dropped to seek support from its 50 day EMA. The subsequent pullback is facing resistance from its 20 day EMA.
Daily technical indicators are showing downward momentum after correcting overbought conditions. MACD is falling below its signal line in bullish zone. RSI has slipped below its 50% level. Slow stochastic has dropped inside its oversold zone, and can trigger a rally.
Oil's price is trading above its 50 day and 200 day EMAs in a bull market. Expect some consolidation before the starting the next leg of the rally.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators showed negative divergences by touching lower tops, and are moving down in bullish zones.
Brent Crude Oil chart
The following comments appeared in the previous post on the daily bar chart pattern of Brent Crude Oil: "...vertical rally during the past two weeks is unsustainable. A correction may follow."
Oil's price rose to touch a 52 week high of 86.74 on Oct 3, but started correcting from the very next day. It dropped to seek support from its 50 day EMA before bouncing up to its 20 day EMA.
Daily technical indicators are looking bearish after correcting overbought conditions. MACD is falling below its signal line in bullish zone. RSI has slipped below its 50% level. Slow stochastic has dropped to the edge of its oversold zone, and can trigger a rally.
Oil's price is trading above its 50 day and 200 day EMAs in a bull market. Some consolidation can be expected before the next leg of the rally can begin.
On longer term weekly chart (not shown), oil's price closed above its three rising weekly EMAs in long-term bull territory. Weekly technical indicators are in bullish zones, but not showing any upward momentum.
No comments:
Post a Comment