Thursday, October 30, 2008

Thursday Oil Market Round-Up

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On the weekly chart, note the following:

-- Price have continually moved through support levels

-- The 10 week SMA has moved through the 50 day SMA

-- The 20 week SMA is about to move through the 50 day SMA

-- The 50 week SMA is turning lower

-- Prices are below all the SMAs

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On the daily chart, notice the following:

-- Prices have been moving lower for three months

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices are below all the SMAs

Bottom line: both of these charts are bearish. The only bullish element is the markets are technically oversold right now.