WTI and Brent Crude Oil charts: resistance zones cap counter- trend rallies


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WTI Crude Oil chart

The daily bar chart pattern of WTI Crude Oil manged 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.

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