Thursday, December 10, 2009

Thursday Oil-Market Round-Up

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A.) The oil market was in a downward sloping trading range for the last two months

B.) Prices have broken through the lower line of support. At first they did so tentatively, but yesterday we saw a strong bar printed on a big volume surge.

C.) Momentum has been decreasing for the last two months

D.) The EMA picture has turned bearish -- all the EMAs are moving lower and the 10 and 20 day EMA have crossed below the 50 day EMA.

E.) Prices are weakening

F.) Money has moved out of the USO/oil market but not a alarming rates. However, this in conjunction with other indicators is bearish.