Thursday, December 3, 2009

Thursday Oil Market Round-Up

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A.) Prices are still in a downward sloping pennant/flag formation.

B.) Momentum is decreasing, but

C.) We haven't seena huge move out of the oil market from a volume perspective.

Notice how the EMAs are bunched together with no clear signal in either direction? That means we're waiting -- which is probably one of the hardest things to do from a trading perspective -- wait for something to happen (or until the chart changes). Also note that prices are hovering around the 200 day EMA. In other words, we don't know if we're in a bull or bear market right now.