The main question on the weekly chart remains whether or not oil is forming a double top. Note the RSI has printed a lower top on the second price, indicating a technically weaker price. In addition we have the seasonality factor - the US driving season is over. However, also note the 10 and 20 week EMAs are still moving higher and that the 10 week EMA has already moved above the 50 week EMA.
The daily chart adds a great deal of weight to the double top thesis. First, the second top had a much lower MACD and RSI reading. In addition, prices have already broken the uptrend that started in late April. Also note that over the last week oil has printed some very weak candles -- indicating a lack of conviction on the part of traders.
