WTI and Brent Crude Oil charts: bears go on a rampage


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WTI Crude Oil chart

The following remarks were made in the previous post on the daily bar chart pattern of WTI Crude Oil: “…oil’s price has been consolidating within a bearish ‘flag’ pattern. Some more consolidation/correction is likely.”

The consolidation within the ‘flag’ (shaded on chart) didn’t last long. A downward breakout on Oct 30 led to a sharp correction and a close below the 60 level for the first time in 8 months.

Daily technical indicators are looking bearish and oversold. MACD is falling below its signal line in oversold zone. RSI is well inside its oversold zone. Slow stochastic has remained inside its oversold zone for a month.

The 20 day EMA has crossed below the 200 day EMA and is falling sharply. The ‘death cross’ of the 50 day EMA below the 200 day EMA seems imminent. That will technically confirm a bear market. 

Saudi Arabia has signalled a production cut from Dec ’18. Expect a near-term floor to the plummeting price of oil.

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 looking quite bearish. MACD is falling below its signal line in bearish zone. RSI is falling towards its oversold zone. Stochastic has entered its oversold zone.

Brent Crude Oil chart


The following remarks were made in the previous post on the daily bar chart pattern of Brent Crude Oil: On Oct 29, oil’s price formed a ‘reversal day’ bar (higher high, lower close) that can lead to a correction towards the rising 200 day EMA.” 

The correction received only token support from the 200 day EMA. On Nov 1, oil’s price formed a ‘downward gap’ and dropped below its 200 day EMA. A pullback attempt on Nov 5 was used by bears to sell. Oil’s price closed just above 70.

Daily technical indicators are looking bearish and oversold. MACD is falling below its signal line in oversold zone. RSI is well inside its oversold zone. Stochastic briefly emerged from its oversold zone, only to drop back inside it.

Oil’s price is trading below its three EMAs in bear territory. The 20 day EMA is about to cross below the 200 day EMA. The ‘death cross’ of the 50 day EMA below the 200 day EMA – which will technically confirm a bear market – is awaited.


On longer term weekly chart (not shown), oil’s price dropped below its 20 week and 50 week EMAs but manged to close just above its 200 week EMA in long-term bull territory. Weekly technical indicators are showing downward momentum. MACD is falling below its signal line and looks ready to enter bearish zone. RSI is falling below its 50% level. Stochastic has entered its oversold zone.

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