Oil's been continuing its nice rally from the Fibonacci level I posted, but ran into moving average resistance today. You can see on the USO chart at right, this is at the 50 dma, and notice too that the 200 dma (at least on the USO chart) is still steeply downtrending. Volumes have been decent but not exceeding those on the drop. Personally, that second leg of the drop doesn't look real "orderly" to me, but that's just one element in the mix. Below is the WTIC chart - oil moved above the $64/65 level that I identified as likely resistance based on the prior broken Fibonacci level, but again there's moving average resistance. The story might not be over for oil, but $70 was stiff resistance which Tony Caldaro noted as a pivot, and the folks at Charts and Coffee blogspot also noted as chart resistance. I remain concerned that oil has much lower levels to test, so I'm continuing to tilt bearish unless and until oil makes a blatant move by pushing to, say, above $74.Gasoline is telling a similar story, with higher volumes on the drop and more modest volumes on the rally.
(These charts are evaluated separately from natural gas, which appears to chart a course of its own.)
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