WTI and Brent Crude Oil charts: bottoms fall out as bear onslaught continues
2 years ago
WTI Crude Oil chartThe following comment was made in the previous post on the daily bar chart pattern of WTI Crude Oil: "Expect bears to remain in control despite the OPEC production cut because of demand slow down."Though the 'death cross' (marked by grey ellipse) had technically confirmed a bear market, bulls tried for the better part of two weeks to put a floor on oil's price at 50. Strong resistance from the plummeting 20 day EMA proved insurmountable. The temporary support at 50 was breached. Oil's price dropped sharply to close at 46.24 on Tue. Dec 18.That was a signal for bulls to turn tail and run. Oil's price dropped to its lowest level in 18 months, and closed below 43.Daily technical indicators are looking oversold and showing downward momentum. Slow stochastic is falling deeper inside its oversold zone. MACD and RSI are showing positive divergences by touching higher lows inside their respective oversold zones.Some price consolidation can be expected, as bull
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