Crude Reinforcing Likely Retest of High
Crude Reinforcing Likely Retest of High;
Daily Trend Pattern Concurs.
Rally into Late-March Expected.
03/03/18 Weekly Re-Lay:
“Crude Oil, Unleaded Gas & Heating Oil corrected sharply after turning their daily trends up. Those daily trend patterns, combined with descending daily 21 MACs, were expected to pressure prices throughout the past week.
That has taken hold and provided two corroborating clues to the 1 – 2 month outlook…
All three neutralized their daily uptrends multiple times but did not turn those trends down.
Unleaded Gas & Heating Oil tested and held their weekly HLS levels while Crude came close to doing the same.
Both of these factors reinforce the weekly trend patterns that are arguing for an ultimate retest (at the minimum) of the recent highs, particularly in Crude.
That is reinforced by the fact that all three markets have held at or above their Dec. ’17 lows – the 4th wave of lesser degree on a 3 – 6 month trend/wave basis.
If a new rally does take hold (now), it could carry the energy markets higher into March 19 – 30, the next phase of an 8 – 9 week high-high-high-high Cycle Progression.”
Oil markets remain positive and on track for a retest of the January 2018 highs – ideally taking place when weekly cycles converge in late-March. That is when an ~8-week cycle projects the next important peak.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.