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WTI Crude Oil chart
The following comments were made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Oil's price is trading below its three falling EMAs in a bear market. Expect bears to resume selling if bulls try to engineer a rally."
Oversold technical indicators triggered a sharp counter-trend rally that propelled oil's price above its 20 day and 50 day EMAs.
After touching a much lower top of 47.32 on Jul 5, oil's price formed a large 'reversal day' bar (higher high, lower close) with a spurt in volumes that signalled the end of the rally.
All three EMAs have resumed their downward journey. Oil's price is trading below them in a bear market.
Daily technical indicators are turning bearish and hinting at some more correction or consolidation.
On longer term weekly chart (not shown), oil's price closed below its three sliding weekly EMAs in a long-term bear market. Weekly technical indicators are in bearish zones.
Brent Crude Oil chart
Oversold technical indicators led to a short-covering rally on the daily bar chart pattern of Brent Crude Oil.
A brief foray above the 50 day EMA on Jul 3 was followed by a test of resistance from the 50 level on the following day.
The formation of a large 'reversal day' bar (higher high, lower close) with a volume surge marked an intermediate top and an end of the rally.
Oil's price is trading below its three falling EMAs in a bear market.
Daily technical indicators are looking bearish and hinting at some more correction or consolidation.
On longer term weekly chart (not shown), oil's price closed below its three weekly EMAs in a long-term bear market. Weekly technical indicators are in bearish zones.
The following comments were made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Oil's price is trading below its three falling EMAs in a bear market. Expect bears to resume selling if bulls try to engineer a rally."
Oversold technical indicators triggered a sharp counter-trend rally that propelled oil's price above its 20 day and 50 day EMAs.
After touching a much lower top of 47.32 on Jul 5, oil's price formed a large 'reversal day' bar (higher high, lower close) with a spurt in volumes that signalled the end of the rally.
All three EMAs have resumed their downward journey. Oil's price is trading below them in a bear market.
Daily technical indicators are turning bearish and hinting at some more correction or consolidation.
On longer term weekly chart (not shown), oil's price closed below its three sliding weekly EMAs in a long-term bear market. Weekly technical indicators are in bearish zones.
Brent Crude Oil chart
Oversold technical indicators led to a short-covering rally on the daily bar chart pattern of Brent Crude Oil.
A brief foray above the 50 day EMA on Jul 3 was followed by a test of resistance from the 50 level on the following day.
The formation of a large 'reversal day' bar (higher high, lower close) with a volume surge marked an intermediate top and an end of the rally.
Oil's price is trading below its three falling EMAs in a bear market.
Daily technical indicators are looking bearish and hinting at some more correction or consolidation.
On longer term weekly chart (not shown), oil's price closed below its three weekly EMAs in a long-term bear market. Weekly technical indicators are in bearish zones.
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