The daily bar chart pattern of WTI Crude oil tried to defy gravity and made a surge towards its 200 day EMA. Low volumes during the last leg of the rally dashed bullish hopes of a sojourn into bull territory.
Oil's price faced strong resistance from its long-term moving average on Mar 18, formed a 'reversal day' bar (higher high, lower close) and corrected down to its rising 20 day EMA.
Daily technical indicators have corrected overbought conditions but remain in bullish zones. Oil's price can correct some more. Bulls may use the dip to mount another attempt at crossing the 200 day EMA.
-- Oil's price faced strong resistance from its long-term moving average on Mar 18, formed a 'reversal day' bar (higher high, lower close) and corrected down to its rising 20 day EMA.
Daily technical indicators have corrected overbought conditions but remain in bullish zones. Oil's price can correct some more. Bulls may use the dip to mount another attempt at crossing the 200 day EMA.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/03/wti-and-brent-crude-oil-charts-update.html
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