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WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil received twin support from its 20 day and 50 day EMAs and rose to touch a 52 week high of 75.91 on Oct 2, but formed a small 'reversal day' bar (higher high, lower close).
All three EMAs are rising, and oil's price is trading above them in a bull market. Trump's exhortation to OPEC to hike production and put a lid on oil's price appears to have fallen on deaf ears.
Daily technical indicators are looking quite overbought, and can trigger a correction. Note the 'double bottom' reversal pattern on Slow stochastic that preceded the recent rally.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are looking bullish and showing upward momentum.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil received good support from its 20 day EMA and soared to a 52 week high of 85.45 on Oct 1, before closing a bit lower.
All three EMAs are rising, and oil's price closed above them in a bull market. The almost vertical rally during the past two weeks is unsustainable. A correction may follow.
Daily technical indicators are inside their respective overbought zones. A pullback towards 80 is a possibility.
On longer term weekly chart (not shown), oil's price closed above its three rising weekly EMAs in long-term bull territory. Weekly technical indicators are looking bullish and overbought - hinting at a pullback.
The daily bar chart pattern of WTI Crude Oil received twin support from its 20 day and 50 day EMAs and rose to touch a 52 week high of 75.91 on Oct 2, but formed a small 'reversal day' bar (higher high, lower close).
All three EMAs are rising, and oil's price is trading above them in a bull market. Trump's exhortation to OPEC to hike production and put a lid on oil's price appears to have fallen on deaf ears.
Daily technical indicators are looking quite overbought, and can trigger a correction. Note the 'double bottom' reversal pattern on Slow stochastic that preceded the recent rally.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are looking bullish and showing upward momentum.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil received good support from its 20 day EMA and soared to a 52 week high of 85.45 on Oct 1, before closing a bit lower.
All three EMAs are rising, and oil's price closed above them in a bull market. The almost vertical rally during the past two weeks is unsustainable. A correction may follow.
Daily technical indicators are inside their respective overbought zones. A pullback towards 80 is a possibility.
On longer term weekly chart (not shown), oil's price closed above its three rising weekly EMAs in long-term bull territory. Weekly technical indicators are looking bullish and overbought - hinting at a pullback.
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