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Higher Prices In Store For Crude Oil?

Published 09/01/2015, 12:12 AM
Updated 07/09/2023, 06:31 AM

The candle patter over the last three day on WTIC Crude Oil could very well end up being a "Three White Soldiers" pattern, which is, technically, bullish—Definition (courtesy of StockCharts.com):

"Three White Soldiers: A bullish reversal pattern consisting of three consecutive white bodies, each with a higher close. Each should open within the previous body and the close should be near the high of the day."

Candle Pattern
"Three White Soldiers" candle pattern

If that's the case, we may see Oil continue to the next major resistance level around $54.00-55.00 (confluence of the 200 MA on the Daily chart and the Mid-Bollinger® Band and upper Channel on the Weekly chart) before either consolidating, or reversing; Otherwise, a reversal here could send it down to around $45.00 or $42.50, or lower.

Crude Oil Daily

Crude Oil Daily 2010-2015

Crude Oil Weekly
Crude Oil Weekly Chart

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