Thursday, July 16, 2009

Thursday Oil Market Round-Up

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On oil's weekly chart, notice that prices are still in an uptrend but they are right at crucial technical support levels. In addition, the MACD is close to giving a sell signal and prices have run into resistant from the 50 day EMA. Let's coordinate that data with the daily chart.

On the daily chart prices are below a trend line and are running into upside resistance at the 10 day EMA. Also note the shorter EMAs have crossed below the 50 day EMA. However, the MACD (which is declining) is moving into a position where it might give a sell signal.

Bottom line: there are equal weightings for the bull and bear argument right now.