The daily bar chart pattern of WTI Crude Oil appears to have formed a bearish 'descending triangle' pattern. A likely breakout below 43 can drop oil's price to its Aug '16 low of 39.
All three daily technical indicators are in neutral zones and not showing much upward momentum. The three EMAs are moving sideways and gradually converging together. A sharp move is likely to follow.
All eyes are on the unofficial OPEC meeting in Algiers later this week.
-- All three daily technical indicators are in neutral zones and not showing much upward momentum. The three EMAs are moving sideways and gradually converging together. A sharp move is likely to follow.
All eyes are on the unofficial OPEC meeting in Algiers later this week.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/09/wti-and-brent-crude-oil-charts-sideways.html
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