WTI Crude Oil chart
The following comment appeared in the previous post on the daily bar chart pattern of WTI Crude Oil: "The imminent 'death cross' of the 50 day EMA below the 200 day EMA will technically confirm a bear market."
The 'death cross' (marked by grey oval) has ended the brief foray of oil's price into bull territory during Apr-May '19. The support zone between 50-52 has provided temporary solace to bulls.
Daily technical indicators are looking bearish and oversold. MACD is moving sideways below its signal line in oversold zone. RSI has emerged weakly from its oversold zone. Slow stochastic has dropped back inside its oversold zone.
All three EMAs are falling, and oil's price is trading below them in a bear market. Bears are likely to continue with their 'sell on rise' strategy.
On longer term weekly chart (not shown), oil's price has closed well below its three weekly EMAs in long-term bear territory. Weekly technical indicators are in bearish zones, and showing downward momentum.
Brent Crude Oil chart
For the past two week's, the daily bar chart pattern of Brent Crude Oil has consolidated sideways in a range between 60-64. The 'death cross' of the 50 day EMA below the 200 day EMA (marked by grey oval) has technically confirmed a return to a bear market.
The support zone between 58-60 has helped oil's price to stabilise after a steep fall. However, it may only be a temporary respite for bulls. A slowing global economy will not be able to boost oil demand. Further downside is likely.
Daily technical indicators are looking bearish and oversold. MACD is moving sideways below its signal line in oversold zone. RSI has bounced up weakly from the edge of its oversold zone. Slow stochastic has dropped back inside its oversold zone.
On longer term weekly chart (not shown), oil's price closed below its three weekly EMAs in long-term bear territory for the third week in a row. Weekly technical indicators are in bearish zones, and showing downward momentum - hinting at some more consolidation or correction.
The following comment appeared in the previous post on the daily bar chart pattern of WTI Crude Oil: "The imminent 'death cross' of the 50 day EMA below the 200 day EMA will technically confirm a bear market."
The 'death cross' (marked by grey oval) has ended the brief foray of oil's price into bull territory during Apr-May '19. The support zone between 50-52 has provided temporary solace to bulls.
Daily technical indicators are looking bearish and oversold. MACD is moving sideways below its signal line in oversold zone. RSI has emerged weakly from its oversold zone. Slow stochastic has dropped back inside its oversold zone.
All three EMAs are falling, and oil's price is trading below them in a bear market. Bears are likely to continue with their 'sell on rise' strategy.
On longer term weekly chart (not shown), oil's price has closed well below its three weekly EMAs in long-term bear territory. Weekly technical indicators are in bearish zones, and showing downward momentum.
Brent Crude Oil chart
For the past two week's, the daily bar chart pattern of Brent Crude Oil has consolidated sideways in a range between 60-64. The 'death cross' of the 50 day EMA below the 200 day EMA (marked by grey oval) has technically confirmed a return to a bear market.
The support zone between 58-60 has helped oil's price to stabilise after a steep fall. However, it may only be a temporary respite for bulls. A slowing global economy will not be able to boost oil demand. Further downside is likely.
Daily technical indicators are looking bearish and oversold. MACD is moving sideways below its signal line in oversold zone. RSI has bounced up weakly from the edge of its oversold zone. Slow stochastic has dropped back inside its oversold zone.
On longer term weekly chart (not shown), oil's price closed below its three weekly EMAs in long-term bear territory for the third week in a row. Weekly technical indicators are in bearish zones, and showing downward momentum - hinting at some more consolidation or correction.
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