Oil Markets Reinforce Potential for New Surge.
Oil Markets Reinforce Potential for New Surge.
04/11/18 Weekly Re-Lay Alert:
“Crude Oil, Unleaded Gas & Heating Oil remain positive and are surging to new highs in line with weekly trend patterns and the overall 3 – 6 month outlook. They have rallied since spiking down to begin the month of April, but never turning their intra-month trends down.
At that time, the products spiked right to their weekly HLS levels with Unleaded Gas also testing monthly support as they created a 27-day low (Feb. 9) – low (Mar. 8) – low (Apr. 4) Cycle Progression. They have rallied since then with Unleaded Gas still needing to exceed its Jan. high in order to fulfill its weekly trend pattern.
Natural Gas did spike lower into April 9 – 13 – the latest phase of an 8-week high-low-low-low Cycle Progression. Its intra-month trend is neutral, ushering in the potential for a 1 – 2 week rally.”
Energy markets are holding intermediate support and poised for a new rally – one that could have Crude and the products all surging to new highs. This action is reinforcing the outlook for higher levels in 2Q & 3Q 2018 (see April 2018 INSIIDE Track for latest update) and setting the stage for a new advance. Watch the coming week (Week of Aggression from April 12 – 19) for corroborating action. See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.