Crude Oil Rebounding From Major Downside Targets/Support; How High is Too High?

Crude Oil Rebounding From Major Downside Targets/Support; How High is Too High?

01/05/19 Weekly Re-Lay: Crude Oil, Unleaded Gas & Heating Oil are showing some mild signs of recovery after Crude reached the primary level of 2 – 3 year support – at ~42.00/CL

It would now take daily closes above 49.22/CLG, 1.3981/RBG & 1.8035/HOG to turn the daily and intra-month trends up and confirm that multi-week lows are in place.

Crude Oil fulfilled 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.

How high could Crude rebound in 1Q 2019??  The next phase of Crude’s 32 – 34 Week Cycle Progression – that projected a multi-month peak for late-Sept./early-Oct. ’18 – is in late-April/early-May 2019.

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.