WTI Crude Oil chart
Note the following comment from the previous post on the daily bar chart pattern of WTI Crude Oil: "Some consolidation is likely before oil's price can attempt to move higher."
Resistance from the 58 level was tested intra-day on Mar 1, but oil's price formed a 'reversal day' bar (higher high, lower close) that triggered a sideways consolidation with a slight downward bias.
The 50 day EMA provided support. Oil's price closed above its 20 day and 50 day EMAs, but below its 200 day EMA in bear territory. Output cuts led by OPEC and good demand may enable oil's price to move above its 200 day EMA into bull territory.
Daily technical indicators are in bullish zones but not showing much upward momentum. MACD is moving sideways below its signal line in bullish zone. RSI is treading water above its 50% level. Slow stochastic has fallen from its overbought zone. Some more consolidation is possible.
On longer term weekly chart (not shown), oil's price closed above its 20 week EMA but below its 50 week and 200 week EMAs in a long-term bear market. Weekly technical indicators are looking neutral to bullish. MACD is rising above its signal line in bearish zone. RSI is facing resistance from its 50% level. Slow stochastic is inside its overbought zone.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil continued its expected sideways consolidation. Oil's price twice tested resistance from the sliding 200 day EMA (on Mar 1 and Mar 7), dropped to seek support from its rising 50 day EMA and closed just below its 200 day EMA in bear territory.
Strong volumes on down days (Mar 1 and Mar 8) show that bears are not going to give up ground easily.
Daily technical indicators are in bullish zones but not showing much upward momentum. MACD is sliding down below its signal line in bullish zone. RSI is moving sideways above its 50% level. Slow stochastic has fallen from its overbought zone. Some more consolidation is possible before oil's price can move above its 200 day EMA into bull territory.
On longer term weekly chart (not shown), oil's price closed above its 20 week and 200 week EMAs in long-term bull territory, but faced resistance from its 50 week EMA. Weekly technical indicators are looking bullish to neutral.
Note the following comment from the previous post on the daily bar chart pattern of WTI Crude Oil: "Some consolidation is likely before oil's price can attempt to move higher."
Resistance from the 58 level was tested intra-day on Mar 1, but oil's price formed a 'reversal day' bar (higher high, lower close) that triggered a sideways consolidation with a slight downward bias.
The 50 day EMA provided support. Oil's price closed above its 20 day and 50 day EMAs, but below its 200 day EMA in bear territory. Output cuts led by OPEC and good demand may enable oil's price to move above its 200 day EMA into bull territory.
Daily technical indicators are in bullish zones but not showing much upward momentum. MACD is moving sideways below its signal line in bullish zone. RSI is treading water above its 50% level. Slow stochastic has fallen from its overbought zone. Some more consolidation is possible.
On longer term weekly chart (not shown), oil's price closed above its 20 week EMA but below its 50 week and 200 week EMAs in a long-term bear market. Weekly technical indicators are looking neutral to bullish. MACD is rising above its signal line in bearish zone. RSI is facing resistance from its 50% level. Slow stochastic is inside its overbought zone.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil continued its expected sideways consolidation. Oil's price twice tested resistance from the sliding 200 day EMA (on Mar 1 and Mar 7), dropped to seek support from its rising 50 day EMA and closed just below its 200 day EMA in bear territory.
Strong volumes on down days (Mar 1 and Mar 8) show that bears are not going to give up ground easily.
Daily technical indicators are in bullish zones but not showing much upward momentum. MACD is sliding down below its signal line in bullish zone. RSI is moving sideways above its 50% level. Slow stochastic has fallen from its overbought zone. Some more consolidation is possible before oil's price can move above its 200 day EMA into bull territory.
On longer term weekly chart (not shown), oil's price closed above its 20 week and 200 week EMAs in long-term bull territory, but faced resistance from its 50 week EMA. Weekly technical indicators are looking bullish to neutral.
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