Energy Complex Fulfilling Projected Surge into ~May 18.
Energy Complex Fulfilling Projected Surge into ~May 18.
05/12/18 Weekly Re-Lay:
“Crude Oil, Unleaded Gas & Heating Oil surged into cycles that portend an intermediate peak on May 7 – 18.
A high at this time… would fulfill the latest phase of a ~16-week low-low-high-(high) Cycle Progression and the midpoint of the 7-month cycle that timed the late-Jan. peak and projects a late-Aug. high.
That ~7-month low-low-high-(high) Cycle Progression projected the surge from mid-2017 into late-Jan. 2018. A high on May 7 – 18 would reinforce the monthly & yearly cycles that converge in 3Q 2018 – the next phase of that ~16 week cycle – ideally in late-Aug. ’18.
It would also project an initial drop into early-June. That is the next phase of a ~30-degree cycle that timed lows in early-March, early-April & early-May. That would also fulfill the next phase of an uncanny 8 – 9 week (~2-month) low-low cycle that has timed six consecutive lows since June 2017.
Crude nearly reached monthly resistance as the products attacked their primary upside targets (~2.2000/RB & ~2.2000/HO)…
Natural Gas has rebounded into May 11/14 – the latest phase of a 15 – 16 day low-low-low-high-(high) Cycle Progression – while twice neutralizing its daily downtrend… Its weekly trend – and its weekly 21 MAC – continue to argue for a new rally but the daily trend must turn up in order to confirm that.”
Oil markets are fulfilling analysis for overall advance into mid-May. Cycles & key indicators are poised to enter a negative phase from May 21 into June 4. Crude could still attack 73.00/CLM before a peak is intact. See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.