WTIC ($WTIC) took out the neckline of the inverse head and shoulders pattern on the weekly chart but has held for the moment in the small support area just above its 40 week (200 day) moving average. Exxon Mobil (XOM) penetrated the $81.00 area but reversed intraday and closed near its high, forming a large… Read More »
An inverse head and shoulders pattern formed on the weekly chart of the Light Crude Oil – continuous contract ($WTIC) over the last 18 months and I’ve highlighted its development over time. The commodity has now broken above the reversal pattern neckline and, after what appears to be a successful retest of that resistance-turned-support level,… Read More »
The technical groundwork is in place for higher prices and a run at the inverse head and shoulders pattern on the $WTIC weekly chart. Here’s my take published on The Street this morning.
The weekly chart of the Light Crude Oil — Continuous Contract ($WTIC) clearly illustrates the sharp decline in energy prices over the last two years after the support line of a long-term triangle pattern was breached in 2014. During the last 52 weeks, however, an inverse head-and-shoulders pattern has been forming below resistance at the… Read More »
Light Crude Oil ($WTIC) retreated from the $50.00 level last month and has now moved back down to retest its 200 day moving average. The average has supplied important resistance and support (mostly resistance) for the last two years, and remains a key technical level. If it could hold here and eventually bounce back up,… Read More »
The strong rally in the airline stocks, reflected in the Airline Index ($XAL), is generally attributed to the drop in oil prices. Actually, the Airline Index and the price of crude oil ($WTIC) seem well correlated in the months leading up to the October spike. The index overall however, has done well this year and… Read More »