First, note where oil prices are in the longer picture. Since the last quarter of last year they have been in a trading range.
A.) Prices have been gravitating around the 200 day EMA. Notice how the shorter EMAs have been moving around as well -- but they have been spending far more of the time below the 200 day EMA rather than above it.
B.) Momentum has been tracking the price changes.
C.) The volume in and out of the stock is a bit more interesting, especially the latest surge that started a few months ago. People are clearly pouring more money intro this security, probably in anticipation of a rally based on the "summer driving season."
