Oil's chart is pointing lower. The MACD is declining, the CMF is showing declining volume flow and the shorter EMAs (the 10, 20 and 50 day EMA) are all indicating declining prices. However, consider this chart in the context of weekly price moves:
On the weekly chart, we have rising volume flow and momentum (despite the shorter term sell signal). While the 10 and 20 week EMAs are moving lower, the 50 and 200 week EMAs are moving higher.
The point here is to look at multiple time frames when thinking about price movement.
