The crude oil rally is facing its first challenge as it returns to a dynamic support/resistance zone in play since February. The downtrend from the June and August swing highs has broken, and technical momentum has accelerated in recent days.
Crude oil prices have broken the downtrend from the June and August swing highs in recent days, returning back to the dynamic support/resistance zone between 90 and 93 since February. Momentum has turned bullish over the past week. Crude oil prices are trading above their daily 5-, 8-, 13-, and 21-EMA envelope, which is in bullish sequential order. Daily MACD is trending higher through its signal line, while daily Slow Stochastics are now in overbought territory.
For the time being, a ‘buy the dip’ approach is appropriate; near-term resistance comes into play at the August swing high at 97.66.Bearish momentum has eased on the weekly timeframe. Crude oil prices above their weekly 4- and 13-EMAs, and are working on their first close above their weekly 26-EMA for the first time since the week of July 5. Weekly MACD is starting to turn higher but remains below its signal line, while weekly Slow Stochastics have exited oversold territory.
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