2019 Oil Trading & Outlook: Crude Oil Reinforcing New Advance; 2nd Rally Imminent?
2019 Oil Trading & Outlook: Crude Oil Reinforcing New Advance; 2nd Rally Imminent?
01/12/19 Weekly Re-Lay: Crude Oil, Unleaded Gas & Heating Oil are showing signs of recovery after Crude reached the primary level of 2 – 3 year support – at ~42.00/CL They turned their daily and intra-month trends up, confirming that multi-week lows are in place.
Crude is testing monthly resistance – the initial upside target for that intra-month uptrend – and its weekly trend neutral point, placing it at a decisive juncture from where a 2 – 3 day pullback could unfold.
Crude Oil has rallied since fulfilling downside potential from bearish 4Q ’18 cycles, attacking 2 – 3 year support & downside targets at 42.05 – 42.65/CL. That test is what was necessary before a multi-month bottom would become a much higher probability. A 2 – 3 day pullback would set stage for new multi-week rally.
When Could Next Rally Culminate? What is initial upside target??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.