Crude Completes Latest Rally; Pullback Underway
Crude Completes Latest Rally; Pullback Underway.
03/28/18 Weekly Re-Lay Alert:
“Crude Oil, Unleaded Gas & Heating Oil remain positive – on a 3 – 6 month basis – with Crude already fulfilling analysis for a retest of its Jan. high after triggering bullish weekly trend signals in mid-Feb. while holding at or above their Dec. ’17 lows – the 4th wave of lesser degree on a 3 – 6 month trend/wave basis.
(Unleaded Gas & Heating Oil dropped right to those target levels and reversed higher in mid-Feb., providing the clearest indications that a rally back to the highs was necessary and very likely. They remain on track for new highs in the near future.)
Crude fulfilled daily cycles by surging into March 26 – 28 and spiking to new highs while fulfilling its ‘rally = rally’ objective at 66.13/CLM…
Unleaded Gas & Heating Oil remain under the positive influence of their March 12 – 16 outside-week/2 Close Reversal buy signals that projected an additional 2 – 3 weeks of upside follow-through – coinciding with their daily trends turning back up on March 16. That is still expected to spur a rally to new highs.
Natural Gas remains weak and likely to decline into April 9 – 13 – the next phase of an 8-week high-low-low-low Cycle Progression. A daily close below 2.638/NGM would further confirm that.
Natural Gas just rebounded and twice neutralized its daily downtrend, but would not reverse that trend to up until a daily close above 2.780/NGM.”
Crude fulfilled its mid-Feb. buy signal, rallying into late-March and setting what should be a 1 – 3 week peak in line with the latest phase of an 8 – 9 week high-high-high-high Cycle Progression. This action is reinforcing the bigger picture outlook for 2018 – 2019 (including higher levels in 2Q & 3Q 2018) and corroborating future cycles & wave objectives. Natural Gas is arguing for a drop into April 9 – 13 before an intermediate low takes hold.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.