WTI and Brent Crude Oil charts: sharp corrections find floors for now


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WTI Crude Oil chart

The daily bar chart pattern of WTI Crude Oil had slipped below the 50 level intra-day on Nov 29 & 30, but managed to close above 50 on both days. On Dec 6, oil’s price successfully tested support from the 50 level.

Announcement of a 1.2 million barrels/day production cut by OPEC and non-OPEC oil producers from Jan ’19 appears to have put a floor on oil’s price at 50. However, three attempts to rally above 54 faced strong resistance from the falling 20 day EMA.

‘Death cross’ of the 50 day EMA below the 200 day EMA (marked by gray circle) has technically confirmed a bear market. Expect bears to remain in control despite the OPEC production cut because of demand slow down.

Daily technical indicators are in bearish zones after correcting oversold conditions. MACD has crossed above its signal line inside its oversold zone. RSI and Slow stochastic have emerged from their respective oversold zones, but are not showing any upward momentum.

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 looking oversold. MACD is falling below its signal line in oversold zone. RSI is seeking support from the edge of its oversold zone. Slow stochastic is moving sideways well inside its oversold zone.

Brent Crude Oil chart


The daily bar chart pattern of Brent Crude Oil touched an intra-day 52 week low of 57.50 on Nov 29 but bounced up to close at 59.50. It has since found a floor at 58 after a sharp 30 points fall from its Oct ’18 top.

‘Death cross’ of the 50 day EMA below the 200 day EMA (marked by gray circle) has technically confirmed a bear market. An attempt by oil’s price to rally above 63 met with strong resistance from the falling 20 day EMA. Some consolidation around current levels is likely.

Daily technical indicators have corrected oversold conditions, but remain in bearish zones. MACD has crossed above its signal line inside its oversold zone. RSI and Slow stochastic have emerged from their respective oversold zones, but are not showing any upward momentum.

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 looking bearish and oversold. MACD is falling below its signal line and has dropped inside its oversold zone. RSI has emerged from its oversold zone, but not showing any upward momentum. Slow stochastic is moving sideways inside its oversold zone.

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