Thursday, September 24, 2009

Thursday Oil Market Round-Up

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Two very important points.

1.) Prices are now below the long-term trend line.

2.) Prices have sold off on high volume.

1.) Notice the 37.5 - 38.5 area has provided a ton of upside resistance.

2.) Prices dropped through three moving averages today on high volume. Notice how much higher today's volume was compared to the previous days.

3.) Notice how the upward sloping trend line has become resistance.