Thursday, July 9, 2009

Thursday Oil Market Round-Up

Click on all images for a larger image

On the weekly chart, notice the RSI turned negative a little bit ago and the MACD is about to give a sell signal. In addition, prices are falling through an upward sloping trendline.

This is where the real action is. Notice the MACD and RSI have been declining since early June. in addition prices have broken the uptrend very strongly. Finally, prices have fallen through the EMAs.

Bottom line -- this chart is moving lower.