WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil bounced up from the support zone (between 50-52) and rose smartly above its 20 day and 50 day EMAs before facing stiff resistance at the 200 day EMA.
After two consecutive closes just above the 200 day EMA in bull territory on Jun 26 and 27, oil's price dropped down to seek support from its 50 day EMA on Jun 28. It bounced up to close just below its 200 day EMA on Jul 1.
Daily technical indicators are looking neutral to bullish. MACD is above its rising signal line in neutral zone. RSI is moving sideways above its 50% level. Slow stochastic is sliding down inside its overbought zone.
Falling volumes during the technical bounce may encourage bears to defend the 200 day EMA vigorously.
On longer term weekly chart (not shown), oil's price faced strong resistance from its 200 week EMA and dropped to close just above its 20 week EMA in long-term bear territory. Weekly technical indicators are at their respective neutral zones. Only Slow stochastic is showing upward momentum.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil bounced up from the support zone (between 58-60) and rose above its 20 day EMA, only to face strong resistance from its 50 day EMA.
For the past seven trading sessions, oil's price has been consolidating sideways between its 20 day and 50 day EMAs. On Jul 1, it formed a long-legged 'doji' candlestick pattern that indicates indecision among bulls and bears.
Daily technical indicators are giving conflicting signals. MACD is rising above its signal line in bearish zone. RSI is moving sideways along its 50% level. Slow stochastic is poised to drop down from its overbought zone. Some more consolidation or correction is likely.
On longer term weekly chart (not shown), oil's price faced resistance from its 200 week EMA, and closed below its three weekly EMAs in long-term bear territory for the fifth straight week. Weekly technical indicators are in bearish zones. Only Slow stochastic is showing some upward momentum.
The daily bar chart pattern of WTI Crude Oil bounced up from the support zone (between 50-52) and rose smartly above its 20 day and 50 day EMAs before facing stiff resistance at the 200 day EMA.
After two consecutive closes just above the 200 day EMA in bull territory on Jun 26 and 27, oil's price dropped down to seek support from its 50 day EMA on Jun 28. It bounced up to close just below its 200 day EMA on Jul 1.
Daily technical indicators are looking neutral to bullish. MACD is above its rising signal line in neutral zone. RSI is moving sideways above its 50% level. Slow stochastic is sliding down inside its overbought zone.
Falling volumes during the technical bounce may encourage bears to defend the 200 day EMA vigorously.
On longer term weekly chart (not shown), oil's price faced strong resistance from its 200 week EMA and dropped to close just above its 20 week EMA in long-term bear territory. Weekly technical indicators are at their respective neutral zones. Only Slow stochastic is showing upward momentum.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil bounced up from the support zone (between 58-60) and rose above its 20 day EMA, only to face strong resistance from its 50 day EMA.
For the past seven trading sessions, oil's price has been consolidating sideways between its 20 day and 50 day EMAs. On Jul 1, it formed a long-legged 'doji' candlestick pattern that indicates indecision among bulls and bears.
Daily technical indicators are giving conflicting signals. MACD is rising above its signal line in bearish zone. RSI is moving sideways along its 50% level. Slow stochastic is poised to drop down from its overbought zone. Some more consolidation or correction is likely.
On longer term weekly chart (not shown), oil's price faced resistance from its 200 week EMA, and closed below its three weekly EMAs in long-term bear territory for the fifth straight week. Weekly technical indicators are in bearish zones. Only Slow stochastic is showing some upward momentum.
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OPEC and allies set to extend oil supply cuts, prop up prices
https://auto.economictimes.indiatimes.com/news/oil-and-lubes/opec-and-allies-set-to-extend-oil-supply-cuts-prop-up-prices/70039458
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