Thursday, February 5, 2009

Thursday Oil Market Round-Up



Notice the following on the weekly chart:

-- Prices are forming a triangle consolidation pattern

-- All the SMAs are moving lower

-- Prices are below the 20 and 50 week SMA

-- Prices are tied in with the 10 week SMA

-- The MACD is oversold

-- The RSI is oversold




Notice the following on the daily chart

-- Prices have been in a tight range (roughly 10 points) for the last month

-- Prices and the SMAs are all tied together in a very tight range

-- The MACD has been increasing for the last three months