Oil Trades Below 50-day Moving Average

Crude oil has been trading below its 50-day moving average since January 15th. In fact, prices bounced lower off the 50-day moving average a few days ago. Note also that the 50-day moving average has turned down. In this chart, the 50-day moving average is shown as a light blue line. Oil is still above its 200-day moving average however, shown in this chart in the color magenta.