Crude Projecting Retest of High
Crude Projecting Retest of High.
Weekly Trend Pattern Remains Positive.
Late-March Cycle High = Next Peak.
02/28/18 Weekly Re-Lay Alert:
“Crude Oil, Unleaded Gas & Heating Oil have pulled back after turning their daily trends up. That is a normal correction but the action of the coming days needs to clarify if another advance is likely to follow this pullback… the weekly trend patterns are arguing for an ultimate retest (at the minimum) of the recent highs, particularly in Crude. That is reinforced by the fact that all three markets recently bottomed at or above their Dec. ’17 lows – the 4th wave of lesser degree on a 3 – 6 month trend/wave basis.”
Oil markets continue to bounce after fulfilling their intermediate downside targets while maintaining positive weekly trend patterns. Those weekly trends increase the likelihood for a retest of the January 2018 highs – leading into late-March when an ~8-week cycle projects the next important peak.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.