The weekly chart is still in an uptrend. While the market has sold-off a bit, it looks more like a bull market flag pattern than a significant sell-off. Also note the MACD and RSI are still rising as are the 10 and 20 day EMA.
The daily chart confirms that so far we are in s standard price correction; prices have gently moved to the 20 day EMA. While the MACD and RSI are moved lower on this latest move prices are still at technically important levels. If we see prices move lower -- that is, through the EMA -- then we should reconsider out analysis.
Let's take a look at the fundamental picture.
Oil supplies -- while still above normal - are dropping. The trend is bullish while the level is not.
While gas demand dropped last week, the overall trend for the last 5 weeks has been a move higher leading to
higher prices.
