WTI and Brent Crude Oil charts: counter-trend rallies struggling to overcome resistance zones
2 months ago
WTI Crude Oil chartThe daily bar chart pattern of WTI Crude Oil touched an intra-day high of 55.75 on Feb 4 - its highest level in nearly 3 months - but formed a 'reversal day' bar (higher high, lower close) that brought bears to the fore.Oil's price corrected below its converging 20 day and 50 day EMAs and closed below the 'Support/Resistance zone' (between 53 and 55) that is proving to be a tough hurdle for bulls.Daily technical indicators are looking bearish. MACD has crossed below its signal line after forming a 'rounding top' reversal pattern in bullish zone. RSI has slipped below its 50% level in neutral zone. Slow stochastic is falling below its 50% level.Some more correction or consolidation is likely.On longer term weekly chart (not shown), oil's price faced strong resistance from its falling 20 week EMA and dropped to close well below its three weekly EMAs in long-term bear territory. Weekly technical indicators are looking neutral to bearish. Br
You have shown
out of 3 allowed reactions for this News.
Marvel Might Have Plus Sized Superheroes "Soo ...
Amid Jet Airways Crisis, Bollywood Sends Best ...
Anand Ahuja Bends the Knee to Tie Sonam Kapoo ...
Hobbs and Shaw Trailer: Is There Anything Lef ...
Tiger Shroff Says 'Student of the Year 2' is ...
Saif: Leave Taimur alone! ...
Hera Pheri 3 Takes a Time Leap, Akshay Kumar, ...
Rajummar Rao to Patralekhaa: You make me prou ...
The Curse of the Weeping Woman Movie Review: ...
Monali Thakur and Javed Ali render Sufiyana P ...
When Mika Singh had to wear 'special footwear ...
Mahesh Babu, Pooja Hegde's Telugu film Mahars ...
You may like
Anand Ahuja Bends the Knee to Tie Sonam Kapoor's Shoelaces, Internet Declares Her Pregnant
Marvel Might Have Plus Sized Superheroes "Sooner Than You Think," Says Kevin Feige
Rapper Kodak Black arrested in New York on drug, weapons charges
Amid Jet Airways Crisis, Bollywood Sends Best Wishes, Hopes for a Miracle
Ajay Devgn HITS BACK At Tanushree Dutta; Says An Attempt Is Being Made To 'Single' Him Out!
Kalank Box Office Collection Day 2: Negative Reviews Make The Film Witness A Major Dip
Katrina Kaif CALLED UP Varun Dhawan & Told Him This Before Exiting From Street Dancer!
Kasautii Zindagii Kay 2 Actor Parth Samthaan's Father Hospitalised; Actor Rushes To The Hospital!