Thursday, February 11, 2010

Thursday Oil Market Round-Up


A.) Prices have broken through key support, which has now become upside resistance.


A.) There is strong support around 35.20

B.) Note the EMA picture is bearish (for now) -- all the EMAs are moving lower, the shorter EMAs are below the longer EMAs and prices are below most EMAs. However, also note that prices are really moving around the 200 day EMA, attempting to make a move into either bullish (above the 200 day EMA) or bearish (below the 200 day EMA) territory.