Oil Markets Poised to Confirm Strength
Oil Markets Poised to Confirm Strength;
Gas & Heating Oil Weekly Trends = Key.
Sept/Oct. 2017 = Onset of Bull Phase!
07/26/17 Weekly Re-Lay Alert:
“Crude Oil, Unleaded Gas & Heating Oil extended their rebounds after Crude pulled back and twice neutralized its daily uptrend before re-entering that uptrend. At the same time, Unleaded Gas & Heating Oil – which remain stronger than Crude – pulled back to test their daily trend support as well as their month-opening highs (resistance turned into support) and then resumed their uptrends.
That provides another opportunity for them to turn their weekly trends up. It would take a July 28th close above 1.4392/RBV & 1.5393/HOV to do so. As explained before, that would have bullish implications for the coming 1–3 months, but also likely time an initial high.”
Crude & the products are completing the projected ~18-month bottoming process (following the bottom of multi-year cycles in 1Q 2016) and are poised to enter a strong advance in 3Q/4Q 2017. Unleaded Gas & Heating Oil are poised to confirm that scenario if they can reverse their weekly trends up on July 28. Consistent with the rules & expectations for that lagging/confirming weekly trend indicator, a 2–4 week top could ensue, before a more substantial advance takes hold in Sept./Oct. 2017.
Middle East cycles also remain focused on Sept. 2017 to usher in a decisive 1-year & 3–4 year period.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.