Wednesday, January 6, 2010
Thursday Oil Market Round-Up
A.) Since late December there have been 4 gaps higher in the oil market.
B.) The EMA picture is turning decidedly bullish: the 10, 20 and 50 day EMA are moving higher, the 10 day EMA has crossed over the 20, 50 and 200 day EMA, the 20 day EMA has crossed over the 50 day EMA and the 10, 20 and 50 day EMA are moving higher.
C.) Volume has been increasing for the last week+.
The 10 day chart shows some more detail
A.) Prices have gapped higher three times in the last 10 days.
B.) After gapping higher, prices consolidated in an 80 cents range.
C.) After gapping higher prices again consolidated in a narrow (60 cents) range.
A.) Momentum is increasing as is
B.) The A/D line.