WTI Crude Oil chart
The following comment was made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Falling volumes during the technical bounce may encourage bears to defend the 200 day EMA vigorously."
Oil's price dropped below its 50 day and 20 day EMAs, but bounced up after receiving support from the 56 level. After crossing above all three EMAs into bull territory, oil's price formed a small 'reversal day' bar (higher high, lower close) and pulled back to its 200 day EMA.
Daily technical indicators are in bullish zones. MACD is rising above its signal line. RSI is above its 50% level but showing slight downward momentum. Slow stochastic re-entered its overbought zone, but is slipping down.
Bears are giving ground grudgingly. Oil's price has formed a bullish pattern of 'higher tops, higher bottoms' after forming a 'double bottom' reversal pattern inside the support zone between 50 and 52. A convincing price move above 67 is necessary if bulls are to regain control of the chart.
On longer term weekly chart (not shown), oil's price managed to close just above its 200 week EMA in long-term bull territory. Weekly technical indicators are in neutral zones, and not showing much upward momentum. Falling volumes during the recent rally should be a concern for bulls.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil dropped below its 20 day EMA into bear territory, but bounced up after receiving good support from the 62 level.
Oil's price rallied past its 20 day and 50 day EMAs, only to face strong resistance from its 200 day EMA. Strong volumes on recent down days show that bears are active.
Daily technical indicators are looking neutral to bullish. MACD is rising above its signal line in neutral zone. RSI is moving sideways above its 50% level. Slow stochastic re-entered its overbought zone, but is falling down. Some more consolidation is likely.
Bears are giving bulls a hard time. Oil's price has formed a bullish pattern of 'higher tops, higher bottoms' after forming a 'double bottom' reversal pattern inside the support zone between 58 and 60. A convincing price move above 75 is required for bulls to regain control of the chart.
On longer term weekly chart (not shown), oil's price closed above its 200 week and 20 week EMAs, but just below its 50 week EMA in long-term bull territory. Weekly technical indicators are looking neutral to bullish. MACD is below its sliding signal line in neutral zone. RSI is facing resistance from its 50% level. Slow stochastic is rising towards its 50% level.
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.
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.
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.
WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil consolidated sideways with a slight upward bias during the past two weeks. Oil's price closed above its three EMAs in bull territory, but failed to close above the 'support-resistance zone' (between 62 and 64).
Note that trading volumes during recent down days have exceeded volumes on up days. That is a sign that bears are active and following a 'sell on rise' strategy.
Daily technical indicators are looking bullish. MACD is about to cross above its falling signal line in neutral zone. RSI has moved above its 50% level. Slow stochastic is rising above its 50% level.
Oil's price may rise further due to escalating US-Iran tensions and concerns about US-China trade war.
On longer term weekly chart (not shown), oil's price bounced up after receiving strong support from its converging weekly EMAs, and closed in long-term bull territory. Weekly technical indicators are in bullish zones, but not showing much upward momentum.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil consolidated sideways with a slight upward bias before breaking out to close above the 'support-resistance zone' (between 70 and 72) on Thu. May 16.
Bears started to 'sell on rise'. Oil's price slipped down to close just below 72, but above its three EMAs in bull territory.
Daily technical indicators are looking bullish but not showing much upward momentum. MACD is facing resistance from its sliding signal line in bullish zone. RSI is above its 50% level, but moving down. Slow stochastic has moved up towards its overbought zone, but its upward momentum has weakened.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are in bullish zones, but not showing much upward momentum - hinting at some more consolidation.
WTI Crude Oil chart
After a bit of sideways consolidation near the upper edge of the 'support-resistance zone' (between 62 and 64), the daily bar chart pattern of WTI Crude Oil bounced up to touch a high of 66.60 on Apr 23 - its highest level in nearly 6 months.
The 'golden cross' of the 50 day EMA above the 200 day EMA technically confirmed a return to a bull market. However, overbought technical indicators, which showed negative divergences by touching lower tops, triggered a correction.
Oil's price dropped below the 'support-resistance zone' and its 20 day and 50 day EMAs, but bounced up after testing support from its 200 day EMA. Formation of a 'reversal day' bar (lower low, higher close) and a pullback inside the 'support-resistance zone' ought to encourage bulls.
Daily technical indicators are looking bearish after correcting overbought conditions. MACD is falling below its signal towards neutral zone. RSI has dropped below its 50% level. Slow stochastic has fallen to the edge of its oversold zone.
Expect volatility and some consolidation in oil prices as the US government threatens to shut down Iran's oil exports by sending war ships to the Middle East.
On longer term weekly chart (not shown), oil's price bounced up after receiving strong support from its converging weekly EMAs, and closed in long-term bull territory. Weekly technical indicators are in bullish zones, but not showing much upward momentum. MACD is rising above its signal line. RSI is moving sideways above its 50% level. Slow stochastic has fallen from its overbought zone, and can trigger some consolidation or correction.
Brent Crude Oil chart
After a few days of sideways consolidation near the upper edge of the 'support-resistance zone' (between 70 and 72), the daily bar chart pattern of Brent Crude Oil broke out upwards on Apr 22, and rose to touch a 6 months high of 75.60 on Apr 25.
The 'golden cross' of the 50 day EMA above the 200 day EMA technically confirmed a return to a bull market. However, overbought technical indicators, and formation of a 'reversal day' bar (higher high, lower close), triggered a correction below the 'support-resistance zone' and the 20 day and 50 day EMAs.
Oil's price has since pulled back inside the 'support-resistance zone', and is expected to consolidate till Middle Eastern supplies stabilise.
Daily technical indicators are looking bearish to neutral after correcting overbought conditions. MACD is falling below its sliding signal line towards neutral zone. RSI is seeking support from its 50% level. Slow stochastic has fallen below its 50% level.
On longer term weekly chart (not shown), oil's price bounced up after testing support from its converging 20 week and 50 week EMAs, and closed in long-term bull territory. Weekly technical indicators are in bullish zones, but not showing much upward momentum. MACD is rising above its signal line. RSI is moving sideways above its 50% level. Slow stochastic has slipped down from its overbought zone, and can trigger some consolidation or correction.
WTI Crude Oil chart
Note the following comments from the previous post on the daily bar chart pattern of WTI Crude Oil: "The zone between 62 and 64 had acted as a support zone during Apr-Aug '18. It is likely to act as a resistance zone for a while."
Oil's price managed to move above the resistance zone, and closed above the 64 level on Apr 8 and 10. Sliding volumes showed lack of follow-up buying. Oil's price has drifted down inside the resistance zone (between 60-62).
The impending 'golden cross' of the 50 day EMA above the 200 day EMA will technically confirm a return to a bull market. Expect oil's price to move higher after a bit of consolidation or correction.
Daily technical indicators are correcting overbought conditions. MACD is about to cross below its rising signal line in overbought zone. RSI has dropped from its overbought zone. Slow stochastic has fallen to the edge of its overbought zone.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory for the third week in a row. Weekly technical indicators are looking bullish. MACD is rising above its signal line in bullish zone. RSI is moving sideways above its 50% level. Slow stochastic remains well inside its overbought zone, and can trigger some more correction or consolidation.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil entered the resistance zone between 70-72 as expected, but has been consolidating sideways after failing to cross above the 72 level.
Oil's price is trading above its three EMAs in bull territory. The impending 'golden cross' of the 50 day EMA above the 200 day EMA will technically confirm a return to a bull market.
Daily technical indicators are looking bullish and overbought. MACD is rising above its sliding signal line in overbought zone. RSI has dropped down from its overbought zone. Slow stochastic is inside its overbought zone.
Some more consolidation is possible before oil's price makes an attempt to move above the resistance zone.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory for the third straight week. Weekly MACD and RSI are in bullish zones. Slow stochastic is well inside its overbought zone, and can trigger some more consolidation or correction.
WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil has broken out above its 200 day EMA into bull territory. The possibility was mentioned in the previous post.
The zone between 62 and 64 had acted as a support zone during Apr-Aug '18. It is likely to act as a resistance zone for a while.
Daily technical indicators are looking bullish. MACD is trying to cross above its signal line in bullish zone. RSI is is poised to enter its overbought zone. Slow stochastic is inside its overbought zone.
All three indicators are showing negative divergences by failing to rise higher with oil's price. Some consolidation or correction is possible before oil's price can overcome the resistance zone.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory after 5 months. Weekly technical indicators are looking bullish. MACD is rising above its signal line towards neutral zone. RSI is moving above its 50% level. Slow stochastic is well inside its overbought zone, and can trigger some correction/consolidation.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil has broken out convincingly above its 200 day EMA (with good volume support) and appears headed for the resistance zone between 70 and 72.
Daily technical indicators are in bullish zones but not showing much upward momentum. MACD is below its sliding signal line in bullish zone. RSI is moving up towards its overbought zone. Slow stochastic has fallen from its overbought zone once again.
All three indicators are showing negative divergences by touching lower tops though oil's price has moved higher. Some consolidation or correction is possible before oil's price can move above the resistance zone.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are looking bullish and showing upward momentum.
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.
WTI Crude Oil chart
Just when it appeared that bears were getting the upper hand, the daily bar chart pattern of WTI Crude Oil rallied smartly past its 20 day and 50 day EMAs and the 'support/resistance zone' (between 53 and 55).
The bullish fervour didn't last long. The rally failed to reach its sliding 200 day EMA, and pulled back to the 'support/resistance zone' before bouncing up. Such a pullback usually provides a buying opportunity.
Oil's price needs to close convincingly above the Fibonacci resistance zone between 59 and 63 (which are the 50% and 61.8% retracement levels of the fall from the Oct '18 top of 76 to the Dec '18 low of 42) before bulls can regain control of the chart.
Daily technical indicators are in bullish zones but not showing much upward momentum. MACD is seeking support from its signal line in bullish zone. RSI is above its 50% level. Slow stochastic has fallen from its overbought zone. Some consolidation is likely before oil's price can attempt to move higher.
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 long-term bear territory. 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 has entered its overbought zone.
Brent Crude Oil chart
After receiving good support from its rising 20 day EMA and the 61 level, the daily bar chart pattern of Brent Crude Oil moved smartly above the 'support/resistance zone' between 61 and 63.
Oil's price faced strong resistance from its sliding 200 day EMA, and dropped sharply towards its rising 20 day EMA before bouncing up.
For bulls to regain control of the chart, oil's price needs to close convincingly above the Fibonacci resistance zone between 68 and 72 (which are the 50% and 61.8% retracement levels of the fall from the Oct '18 top of 86 to the Dec '18 low of 50).
Daily technical indicators are in bullish zones but not showing much upward momentum. MACD is seeking support from its rising signal line in bullish zone. RSI is above its 50% level. Slow stochastic has fallen from its overbought zone. Some consolidation is likely before oil's price can attempt to move higher.
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 is facing resistance from its 50 week EMA. 'Death cross' of the 50 week EMA below the 200 week EMA has been averted for now. Weekly technical indicators are looking bullish to neutral.
WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil touched an intra-day high of 55.75 on Feb 4 - its highest level in nearly 3 months - but formed a 'reversal day' bar (higher high, lower close) that brought bears to the fore.
Oil's price corrected below its converging 20 day and 50 day EMAs and closed below the 'Support/Resistance zone' (between 53 and 55) that is proving to be a tough hurdle for bulls.
Daily technical indicators are looking bearish. MACD has crossed below its signal line after forming a 'rounding top' reversal pattern in bullish zone. RSI has slipped below its 50% level in neutral zone. Slow stochastic is falling below its 50% level.
Some more correction or consolidation is likely.
On longer term weekly chart (not shown), oil's price faced strong resistance from its falling 20 week EMA and dropped to close well below its three weekly EMAs in long-term bear territory. Weekly technical indicators are looking neutral to bearish.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil touched an intra-day high of 63.63 on Feb 4 - its highest level in 2 months - but formed a 'reversal day' bar (higher high, lower close) that poured cold water on bullish hopes.
Oil's price has been consolidating sideways with a downward bias since then, and closed inside the 'Support/Resistance zone' (between 61 and 63) that bulls are finding very difficult to overcome.
Daily technical indicators are looking bearish to neutral. MACD is moving sideways in bullish zone and has merged with its signal line. RSI is sliding down towards its 50% level. Slow stochastic is falling towards its 50% level.
Expect some more consolidation or correction.
On longer term weekly chart (not shown), oil's price closed below its three weekly EMAs in long-term bear territory. 'Death cross' of the 50 week EMA below the 200 week EMA will technically confirm a long-term bear market. Weekly technical indicators are looking bearish to neutral.
WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil managed to move above its 50 day EMA, but retreated after facing strong resistance from the 'support/resistance zone' between 53 and 55.
Oil's price bounced up a bit after getting support from its 20 day EMA, but is trading well below its falling 200 day EMA in a bear market.
Daily technical indicators are turning bearish. MACD is above its signal line in bullish zone, but may be forming a 'rounding top' reversal pattern. RSI is seeking support from its 50% level. Slow stochastic has corrected down from its overbought zone.
US sanctions may curb oil exports from Venezuela, but with China's economy slowing down and ample global supply, a sustained rally in oil's price is unlikely.
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 not showing much upward momentum. The 50 week EMA has just crossed below the 200 week EMA - the 'death cross' technically confirming a long-term bear market.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil touched an intra-day high of 63.15 on Mon. Jan 21, but could not sustain above the 'support/resistance zone' between 61 and 63.
Oil's price has since closed below its 20 day EMA - and well below its sliding 200 day EMA in a bear market.
Daily technical indicators are looking bearish. MACD is moving sideways above its signal line in bullish zone. RSI has slipped below its 50% level. Slow stochastic has fallen from its overbought zone after forming a 'double top' reversal pattern.
Some more correction and/or consolidation is possible.
On longer term weekly chart (not shown), oil's price closed below its three weekly EMAs in long-term bear territory, but maybe forming a bullish 'inverse head and shoulders' pattern. Weekly technical indicators are in bearish zones but not showing any upward momentum.
