Thursday, April 22, 2010
Thursday Oil-Market Round-Up
a.) Prices broke this uptrend three days ago, in the correction that started with the SEC's Goldman suit.
b.) This line of resistance is important for prices right now.
c.) Prices are currently in a downward sloping pennant pattern.
d.) The EMA picture is still bullish -- the shorter EMAs are above the longer EMAs. But there are important caveats now. Prices are below the 10 and 20 day EMA, both EMAs are moving lower and the 10 day EMA is about to cross below the 20 day EMA. This is not as important a development as you might think. largely because the 10 and the 20 day EMA are obviously more sensitive to price action. But it is definitely something to keep in mind as both now provide upside resistance.
e.) Momentum is moving lower but
f.) There is still money flowing into the market.