Thursday, August 6, 2009

Thursday Oil Market Round-Up

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The main question on the weekly chart is are prices forming a double top? While the MACD is still rising prices are still below the previously established levels from earlier this year.

And as the daily chart shows, the current rally has been weak the last few days as prices have formed very weak candles. In addition, prices have already dipped below the trend line once (although they have since risen above it). Finally, it is nearing the end of the summer and with that comes the end of the summer driving season. This could lead traders to start selling positions.