Thursday Oil Market Round-Up

Prices continue moving lower. Note the following:

-- Prices broke the trend line that started a year and a half ago.

-- Prices moved through the 50 week SMA

-- The 10 week SMA moved below the 20 week SMA

-- The 20 week SMA is turning negative



On the daily chart, note the following:

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices are below all the SMAs

-- Prices have been moving lower for about two months

This is a bearish chart, and the weekly chart is bearish as well. The oil market is currently in the middle of a large sell-off.