The weekly chart continues to show strong, bullish tendencies. The MACD and RSI are still rising. Prices continue to advance. In addition, prices are above the SMAs, the 10 week SMA is above the 20 week SMA and both are advancing.
The oil market has been advancing since mid February. Notice how prices have continually moved higher. They have formed two bull market flag patterns to consolidate gains only to return to higher price action. Also notice the incredibly bullish price/SMA alignment -- prices are above all the SMAs, the shorter SMAs are above the longer SMAs and all the SMAs are moving higher. This is a bullish chart, plain and simple.
Let's look at some of the fundamentals:
Oil stocks are still at high levels, although they have decreased over the last few weeks.
Oil demand remains steady, but
Prices are edging up.
