Thursday, November 19, 2009
Thursday Oil Market Round-Up
A.) Prices are still contained by a trend line
B.) The EMA picture is still bullish -- the shorter EMAs are above the longer EMAs. But also notice the 10 day EMA is more or less horizontal, indicating a flat line short term trend. The longer terms trends (20 and 50 day EMAs) are still positive. Finally, note that on several times over the last few weeks prices have used the 200 day EMA as technical support.
A.) Momentum is decreasing but not crashing. This is standard in a consolidation pattern.
B.) The A/D line is still positive, indicating we have not seen a huge outflow of money from the market.