Thursday Oil Market Round-up

Let's start with the P&F chart, because it shows a very important point:



Despite all the talk about trying to boost production etc., prices have only gone higher. Oil has an incredibly strong series of increasing highs. This is a really bullish chart.



On the weekly chart, notice the following:

-- Prices have been in a rally for the last year and a half

-- Prices have moved through resistance levels and then consolidated their gains

-- All the SMAs are moving higher

-- The shorter SMAs are above the longer SMAs

-- Prices are above all the SMAs

This is still a very bullish chart.



On the daily chart, notice the following:

-- Prices have been rallying for 4 months

-- Prices are above all the SMAs

-- All the SMAs are moving higher

-- The shorter SMAs are above the longer SMAs

This is also a very bullish chart