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.