Thursday, November 5, 2009

Thursday Oil Market Round-Up

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A.) Prices are above support and the 200 day EMA.

A.) Prices broke through EMAs on strong volume. Prices hung in this range for about a week and then pulled out of it.

B.) Prices gapped higher, but did so printing a series of spinning tops.

C.) Prices have a second round of buying, printing strong bars and moving through the 200 day EMA.

D.) Prices form a downward sloping pennant pattern. Prices have moved out of this pattern, but by printing a doji star -- a weak candle formation.