Oil Markets Bullish into Jan. 2018

Oil Markets Bullish into Jan. 2018
Daily Trend Pattern Projects New Rally…
Natural Gas Attacking Major Support!

 

12/23/17 Weekly Re-Lay:

 

“Crude Oil, Unleaded Gas & Heating Oil remain in congestion near their highs with Crude unable to signal more than a 2 – 4 week high.  As a result, Crude could accompany Heating Oil (and possibly Unleaded Gas) as it rallies into monthly & yearly cycles converging in Jan. 2018.

Crude maintains the potential to set its next multi-month low in late-Jan./early-Feb – the latest phase of a consistent 31 – 32 week cycle.

Natural Gas remains weak & is approaching 12 – 18 month support at the continuous-contract lows set in Aug. ’16, Nov. ’16 & Feb. ’17 – all around 2.500/NG.  It would not show any signs of a near-term low until a daily close above 2.790/NGG.”

 

The overall Energy outlook remains bullish into January 2018, triggered by mid-year buy signals in Unleaded Gas & Heating Oil.  Natural Gas is approaching major support, from which a rally could emerge.  Outlook remains for late-2017into Feb. 2018 rally in Natural Gas.

See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.