Thursday, January 8, 2009

Thursday Oil Market Round-Up



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Notice the following on the weekly chart

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices are below all the SMAs

BUT

-- The MACD is oversold, and

-- The RSI is oversold



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Notice the following on the daily chart

-- Prices are below the 50 day SMA, just moved through the 20 day SMA and are resting on the 10 day SMA. That's a big technical move for one day -- especially with such a large bar.

-- The 10 and 20 day SMAs are starting to move higher

-- The MACD has been rising for the last two months

BUT

-- The RSI is dropping.