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Notice the following on the weekly chart
-- Prices fell hard after July, but appear to be consolidating
-- All the SMAs are moving lower
-- The shorter SMAs are below the longer SMAs
-- Prices are below all the SMAs
-- The RSI is oversold
-- The MACD appears to be turning
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Notice the following on the daily chart
-- Prices are above the 10 and 20 day SMA
-- The 10 day SMA has crossed above the 20 day SMA
-- From the end of December to early January, prices rallied to just below the 50 day SMA, but backed off
-- The MACD has been rising for the last two and a half months
-- The RSI is neutral
Bottom line: The weekly chart says this market is done selling and maybe wants to rally. The daily chart says maybe.
But consider these two charts from the latest This Week in Petroleum:
Oil and gas stocks are increasing -- and oil stocks are at the top of a historical range. This indicates there is less demand for oil from the market right now.
