WTI and Brent Crude Oil charts: consolidating near support-resistance zones


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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.

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