Thursday, October 23, 2008

Thursday Oil Market Round-Up



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On the weekly chart, notice the following:

-- Prices are continually moved through support levels

-- Prices are now at levels from the 2Q 2007

-- Prices are below all the SMAs

-- All the SMAs are moving lower

-- The 10 day SMA has moved through the 50 day SMA

Bottom line: this is a bearish chart



Click for a bigger image.

On the daily chart, notice the following:

-- Prices are continually moved through support levels

-- Prices have been dropping for three months

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices are below all the SMAs

Bottom line: this is also a bearish chart. It reminds me of the dollar chart that existed for most of this year.