The weekly chart is still very bullish. Notice the MACD and RSI are still moving higher. The RSI still had room to run before it hits 70 and higher -- a level where it can stay pegged for some time. Prices are above the 10 and 20 week SMAs. In addition, those SMAs are both moving higher with the shorter above the longer.
The daily chart is also strong, although it could indicate we're nearing a topping out point. First, notice prices have been moving higher since late February. They have con consolidated twice. Also note the price/SMA relationship is the most bullish possible -- prices are above the SMAs, the shorter SMAs are above the longer SMAs and all the SMAs are rising. But also note the RSI is now above 70 and the MACD may also be nearing a topping out place.
Let's see how this plays out against the fundamental backdrop:
Crude oil stocks are still way above average
Regular prices are increasing because
Demand is inching up
