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WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil has continued its bullish fervour in the New Year. Draw down in US inventories and increasing global demand propelled oil's price to new highs.
All three EMAs are rising, and oil's price is trading above them in a bull market. Increasing volumes have reinforced the bull rally.
Daily technical indicators are looking overbought. MACD and RSI are showing upward momentum, but Slow stochastic is moving sideways and showing negative divergence by not moving up with oil's price.
Some consolidation can be expected before the next leg of the rally. US rig count is increasing, and can put a cap on further rise in prices.
On longer term weekly chart (not shown), oil's price moved convincingly above its 200 week EMA and closed at a 3 year high. Weekly technical indicators are looking overbought and may trigger a pullback towards the 200 week EMA.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil briefly touched the $70 level intra-day on Jan 11 - a level last seen in May '15 - before closing a tad lower.
All three EMAs are rising, and oil's price is trading above them in a bull market. The rally from the last week of Dec '17 has been accompanied by rising volumes, which augurs well for bulls.
Daily technical indicators are inside their overbought zones. While MACD and RSI are showing upward momentum, Slow stochastic is moving sideways and showing negative divergence by failing to move up with oil's price.
On longer term weekly chart (not shown), oil's price closed well above its 200 week EMA in long-term bull territory. Weekly technical indicators are looking overbought. Some correction or consolidation is possible.
The daily bar chart pattern of WTI Crude Oil has continued its bullish fervour in the New Year. Draw down in US inventories and increasing global demand propelled oil's price to new highs.
All three EMAs are rising, and oil's price is trading above them in a bull market. Increasing volumes have reinforced the bull rally.
Daily technical indicators are looking overbought. MACD and RSI are showing upward momentum, but Slow stochastic is moving sideways and showing negative divergence by not moving up with oil's price.
Some consolidation can be expected before the next leg of the rally. US rig count is increasing, and can put a cap on further rise in prices.
On longer term weekly chart (not shown), oil's price moved convincingly above its 200 week EMA and closed at a 3 year high. Weekly technical indicators are looking overbought and may trigger a pullback towards the 200 week EMA.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil briefly touched the $70 level intra-day on Jan 11 - a level last seen in May '15 - before closing a tad lower.
All three EMAs are rising, and oil's price is trading above them in a bull market. The rally from the last week of Dec '17 has been accompanied by rising volumes, which augurs well for bulls.
Daily technical indicators are inside their overbought zones. While MACD and RSI are showing upward momentum, Slow stochastic is moving sideways and showing negative divergence by failing to move up with oil's price.
On longer term weekly chart (not shown), oil's price closed well above its 200 week EMA in long-term bull territory. Weekly technical indicators are looking overbought. Some correction or consolidation is possible.
Posted in: Indian Market
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