WTI and Brent Crude Oil charts: sharp corrections find temporary support
2 years ago
WTI Crude Oil chartThe daily bar chart pattern of WTI Crude Oil started correcting after touching a 52 week high of 76.90 on Oct 3. After receiving some support from its 50 day EMA, oil's price dropped sharply below its 50 day EMA on Oct 17. Three days of sideways consolidation was followed by another sharp fall below its 200 day EMA on Oct 23. Since then, oil's price has been consolidating within a bearish 'flag' pattern. Some more consolidation/correction is likely.Daily technical indicators are looking bearish and oversold. MACD is falling below its signal line and entered its oversold zone. RSI is hovering just above its oversold zone. Slow stochastic is trying to emerge from its oversold zone.The falling 20 day EMA has crossed below the falling 50 day EMA - like it did in Jun & Aug '18 - indicating near term bearishness. However, oil's price is trading just above its 200 day EMA, keeping bullish hopes alive. On longer term weekly chart (not shown), oil's price bounce
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