WTI and Brent Crude Oil charts: pullback rallies stall at 50 day EMAs


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WTI Crude Oil chart

The following remark was made in the previous post on the daily bar chart pattern of WTI Crude Oil: Some price consolidation can be expected, as bulls may try to defend the long-term support/resistance level of 42.”

Bulls did put up a strong defence at the long-term ‘support/resistance’ level of 42 – aided by  positive divergences visible on MACD and RSI (which touched higher lows). 

Oil’s price had touched an intra-day low of 42.36 on Dec 24 and closed at 42.53. On the next trading day (Dec 26), oil’s price recovered from an intra-day low of 42.52 to close at 46.22.

After a brief sideways consolidation, oil’s price easily climbed above its 20 day EMA and rose to test resistance from its 50 day EMA. Bears used weakness in the Chinese economy as a trigger to start selling.

Daily technical indicators are turning bearish. MACD is rising above its signal line in bearish zone, but its upward momentum is weakening. RSI is seeking support from its 50% level. Slow stochastic has started correcting inside its overbought zone.

Oil’s price is trading well below its falling 200 day EMA in a bear market. Some more correction, or consolidation around current levels, can be expected.

On longer term weekly chart (not shown), oil’s price closed well below its three weekly EMAs in long-term bear territory. Weekly technical indicators are correcting oversold conditions. The 50 week EMA is about to cross below the 200 week EMA – the ‘death cross’ will technically confirm a long-term bear market.

Brent Crude Oil chart


The following remarks appeared in the previous post on the daily bar chart pattern of Brent Crude OilMACD and RSI are showing positive divergences by touching higher bottoms inside their respective oversold zones. Some price consolidation or pullback may be on the cards.”

On Dec 26 ’18, oil’s price slipped below 50 intra-day but closed 4 points higher – forming a ‘reversal day’ bar (lower low, higher close) that triggered a smart pullback rally that soared past the 20 day EMA but faced strong resistance from the 50 day EMA.

Daily technical indicators are turning bearish. MACD is rising above its signal line in bearish zone, but its upward momentum is losing strength. RSI has dropped back to seek support from its 50% level. Slow stochastic is correcting inside its overbought zone.

Oil’s price closed well below its falling 200 day EMA in a bear market. Some more correction and/or consolidation is likely.

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 correcting oversold conditions.

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