Thursday, February 25, 2010

Thursday Oil Market Round-Up

In general, the oil market is still in a channel, between lines A and B.

A.) Prices are consolidating above the 61.8% Fibonacci level. In addition,

B.) Note the EMA picture. The 10 and 20 day EMA are rising. The 10 day EMA has moved through the 50 day EMA and the 20 is about to do so. All three shorter EMAs are rising.