Thursday Oil Market Round-Up

On the weekly chart, note the following:

-- Prices are below all the SMAs

-- The 10 and 20 week SMA are both headed lower

-- The 10 week SMA has crossed below the 50 week SMA

-- The 50 week SMA is turning sideways (and will start moving lower within the next few weeks).

Bottom line: this is a bearish chart



On the daily chart, notice the following:

-- Prices are below all the SMAs

-- All the SMAs are headed lower

-- The shorter SMAs are below the longer SMAs

-- Prices have been dropping for about three months

-- Prices are using the 20 day SMA as technical resistance

Bottom line: This is also a bearish chart.