The daily bar chart pattern of WTI Crude oil dropped to a new low below 35 on Dec 14 '15, but formed a 'reversal day' pattern (lower low, higher close) and almost reached the 38 level the next day.
Despite good volume support, the 2 days recovery ended quickly. Oil's price failed to test resistance from the falling 20 day EMA, and drifted down below 36.
Daily technical indicators are moving sideways deep inside bearish zones. Bears are selling at every rise. They may continue to do so for some more time.
-- Despite good volume support, the 2 days recovery ended quickly. Oil's price failed to test resistance from the falling 20 day EMA, and drifted down below 36.
Daily technical indicators are moving sideways deep inside bearish zones. Bears are selling at every rise. They may continue to do so for some more time.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2015/12/wti-and-brent-crude-oil-charts-update.html
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