Crude Projects Surge into Nov. 8 – 13
Crude Projects Surge into Nov. 8 – 13;
Energy Complex Increasingly Bullish…
Portending Middle East Turmoil?
10/18/17 Weekly Re-Lay Alert:
“Crude Oil, Unleaded Gas & Heating Oil are rallying with Crude now also turning its intra-month trend up (after correcting to test its weekly HLS & monthly support).
Crude’s Oct. 6 low perpetuated a 33 – 37 day low-low-low-low Cycle Progression that could (should) spur an overall advance into Nov. 8 – 13.
Heating Oil needs a daily close above 1.8091/HOZ to turn its intra-month trend up while Unleaded Gas has already turned its intra-month trend up (and was never able to turn its daily trend down).
Both have rallied since perpetuating an 8-week low-low-low Cycle Progression that could spur an 8-week rally into early-Dec.
Natural Gas has consolidated after fulfilling projections for a sell-off into early-Oct. and back to its low – attacking monthly support and the monthly HLS grouped at 2.975–3.030/NGZ.
A low in October would perpetuate a 5-month low (Feb. ’16)–high (July ’16)–high (Dec. ’16)–high (May ’17)–low (Oct. ’17) Cycle Progression. It needs a daily close above 3.200/NGZ to signal that a multi-week bottom is in place.
In the interim, Natural Gas rebounded and twice neutralized its daily downtrend but could not turn it up. That could spur a retest of the low. The intra-month trend and daily 21 MAC are down, increasing that possibility.”
Energy complex confirming onset of new 1 – 2 month advance after bottoming on Oct. 6 & fulfilling daily/weekly cycles. Crude Oil projecting surge into Nov. 8 – 13 as part of larger, overall advance. Unleaded Gas & Heating Oil continue to confirm bullish outlook for 4Q 2017, potentially stretching into 1Q 2018.
Middle East cycles poised to trigger escalating conflict into 3Q 2018 – the first phase of the overall 2018 – 2021 cycle that anticipates a seismic shift in the power structure of the Middle East, ultimately leading to some form of Union.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.