Oil Markets Confirming Bottom
Oil Markets Confirming Bottom;
Gas & Heating Oil Reversing Higher…
2 – 4 Week Top Could Ensue.
07/19/17 Weekly Re-Lay Alert:
“Crude Oil, Unleaded Gas & Heating Oil consolidated after peaking within one day of July 6–7th – the latest phase of a 42–43 day high-high-high-high Cycle Progression. The next phase is in mid-August and should also be monitored closely.
Crude turned its daily trend back up, projecting a rally to new intra-month highs. It reinforced that by triggering a weekly 2 Close Reversal higher – projecting additional upside this week. Crude needs to give a weekly close above 47.36/CLV to corroborate.
A 14-week high-high-(high) Cycle Progression could produce an intermediate high this week (or, at the latest, on July 24–28th). The weekly trend patterns in Unleaded Gas & Heating Oil concur…
Oct. Unleaded Gas (RBV) has given two neutral signals against its prevailing weekly downtrend and could reverse that trend up with a weekly close above 1.4392/RBV. Heating Oil is similar, needing a weekly close above 1.5393/HOVto turn its weekly trend up.
While that would have bullish implications for the coming 1–3 months, it could also time an initial high by/on July 24–28th.”
Energy complex is completing ~18-month bottoming process and poised to enter bullish phase in 3Q 2017. Weekly trend signals about to confirm that scenario. As is usually the case with that lagging/confirming indicator, a 2–4 week top could ensue, before the real bullish move takes hold in Sept./Oct. 2017. Crude needs additional confirmation to follow suit.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.