A.) Oil prices broke through the lower end of their trading range last week and sold-off. Note that withing the sell-off we have a large gap down and a strong downward sloping bar.
B.) Prices rebounded yesterday, printing a large upwardly moving candle.
C.) Despite yesterday's move, momentum is still downward.
D.) Notice that money is flowing out of the oil market in the latest sell-off.
I should add that the EMA picture is negative. Prices are now below the 200 day EMA, the shorter EMAs are below the longer EMAs and all the EMAs are moving lower.
