2019 Oil Trading & Outlook: Weekly Trends Poised to Confirm Outlook into May 2019.
2019 Oil Trading & Outlook: Weekly Trends Poised to Confirm Outlook into May 2019.
01/31/19 INSIIDE Track: Crude Oil, Unleaded Gas & Heating Oil have rallied substantially since bottoming in late-Dec. They were/are expected to rally into Feb. 1 – 8, based on a recurring 2-month high-high cycle and related daily cycles. Crude needs a weekly close above 54.76/CLJ to turn its weekly trend up (which would also set the stage for an initial peak).
That needs to be kept in the context of multi-year cycles that peaked in late-3Q 2018 as Crude was attaining its 2018 upside target (75.00 – 77.30/CL) – peaking at 76.90/CLX, while fulfilling a ~16-month low (Feb. ‘16) – low (Jun. ‘17) – high (Oct. ‘18) Cycle Progression. That ~16-month advance broke down into an ~8-month low (Nov. ‘16) – low (Jun. ’17) – low (Feb. ’18) – high (Oct. ’18) Cycle Progression.
Simultaneously, that fulfilled 10-Year & 5-Year Cycle Progressions that projected a 1 – 2 year (or longer) peak for 3Q 2018. That 10-Year Cyclehas also governed lows, projecting a major bottom for Dec. ’18/Jan. ’19 and hinting that Crude could remain in its Oct. ‘18 – Jan. ‘19 trading range for quite a while. The recent low also fulfilled a ~1.5-year high-low-low-(low) Cycle Progression.
Crude Oil & oil markets validating potential for initial rally into Feb. 2019. Stock Indexes are similar, reinforcing the energy/equity connection. Weekly trend patterns are poised to validate larger-magnitude outlook for overall advance from late-Dec. into April/May 2019 (next phase of 32 – 34-Week & 15 – 17-Week Cycle Progressions). Crude poised to reverse weekly trend to up, escalating this advance to a higher degree. That would reinforce likelihood for additional upside in 1Q 2019!
How High Could 1Q/2Q ’19 Rally Reach? What Does May ’19 Cycle Peak Reveal About 2019/2020 Outlook??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.