WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil has lost its valiant struggle to move above the 'support-resistance zone' between 62-64. Bears took control of the chart - thanks to the escalating US-China trade war that may lead to a global economic slowdown.
After brief support at the zone between 56-58, oil's price has plunged to seek support from the zone between 50-52.
The 20 day EMA has crossed below the 200 day EMA. The imminent 'death cross' of the 50 day EMA below the 200 day EMA will technically confirm a bear market.
Daily technical indicators are looking bearish and oversold. MACD is falling below its signal line in bearish zone. RSI and Slow stochastic are falling inside their respective oversold zones.
A technical bounce in oil's price is a possibility. Bears are likely to use the opportunity to sell again.
On longer term weekly chart (not shown), oil's price has fallen sharply below its three weekly EMAs into long-term bear territory. Weekly technical indicators are in bearish zones, and showing downward momentum. Expect bears to 'sell on rise'.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil has dropped back into bear territory after a brave struggle to remain above the 'support-resistance zone' between 70-72.
Oil's price briefly received support at the zone between 66-68, but then fell headlong towards the next support zone between 58-60.
The 20 day EMA is about to cross below the 200 day EMA. The likely 'death cross' of the 50 day EMA below the 200 day EMA will technically confirm a bear market.
Daily technical indicators are looking bearish and oversold. MACD is falling below its signal line in bearish zone. RSI and Slow stochastic are falling inside their respective oversold zones, and may trigger a technical bounce.
On longer term weekly chart (not shown), oil's price closed below its three weekly EMAs in long-term bear territory. Weekly technical indicators are in bearish zones, and showing downward momentum - hinting at some more correction.
The daily bar chart pattern of WTI Crude Oil has lost its valiant struggle to move above the 'support-resistance zone' between 62-64. Bears took control of the chart - thanks to the escalating US-China trade war that may lead to a global economic slowdown.
After brief support at the zone between 56-58, oil's price has plunged to seek support from the zone between 50-52.
The 20 day EMA has crossed below the 200 day EMA. The imminent 'death cross' of the 50 day EMA below the 200 day EMA will technically confirm a bear market.
Daily technical indicators are looking bearish and oversold. MACD is falling below its signal line in bearish zone. RSI and Slow stochastic are falling inside their respective oversold zones.
A technical bounce in oil's price is a possibility. Bears are likely to use the opportunity to sell again.
On longer term weekly chart (not shown), oil's price has fallen sharply below its three weekly EMAs into long-term bear territory. Weekly technical indicators are in bearish zones, and showing downward momentum. Expect bears to 'sell on rise'.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil has dropped back into bear territory after a brave struggle to remain above the 'support-resistance zone' between 70-72.
Oil's price briefly received support at the zone between 66-68, but then fell headlong towards the next support zone between 58-60.
The 20 day EMA is about to cross below the 200 day EMA. The likely 'death cross' of the 50 day EMA below the 200 day EMA will technically confirm a bear market.
Daily technical indicators are looking bearish and oversold. MACD is falling below its signal line in bearish zone. RSI and Slow stochastic are falling inside their respective oversold zones, and may trigger a technical bounce.
On longer term weekly chart (not shown), oil's price closed below its three weekly EMAs in long-term bear territory. Weekly technical indicators are in bearish zones, and showing downward momentum - hinting at some more correction.
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