Energy Markets Fulfill Mid-April Cycle Peak; July ’23 Begins Next Bullish Phase
04-22-23 – “Crude Oil, Unleaded Gas & Heating Oil initially sold off after fulfilling cycle highs on April 10 – 14 ‘23 – the convergence of a myriad of weekly cycles as well as a ~10-month low (Oct ’20) – low (mid-Aug ’21) – high (mid-Jun ’22) – (high; mid-April ‘23) Cycle Progression. Crude also fulfilled an ~11-week high-high-high-(high) Cycle Progression linked to previous highs in June, Aug & Nov ’22 and Jan ’23.
Along with overlapping 22-week & ~44-week cycles, this ~11-week cycle had been projecting a rally into April 10 – 14, ’23 (in sync with a related 74 – 77-day high-high-high-(high) Cycle Progression in the XOI Index) and subsequent sell-off.
Crude fulfilled that while failing to turn its intra-year trend up, reinforcing the likelihood for an intermediate peak. It would take a daily close below 76.97/CLM to elevate this sell-off.”
Energy markets are moving through a multi-month bottoming phase – based on cycles and price indicators – when a 3 – 6 month (or longer) bottom has been expected. That could/should prompt an overall rally into 3Q ’23 (Sept ’23 = ideal time) – when multiple, long-term cycles collide. An initial rally fulfilled intermediate cycle highs on April 10 – 14, ’23… and projects a future intermediate low for late-June ’23. Cycles turn very bullish in 3Q ‘23.
The March 17, 2023 issue of The Bridge – Crude, Natural Gas & the XOI Index details key factors to monitor as energy markets head into cycle lows (Natural Gas cycles do not bottom until June ’23) and begin to embark on new advances… that should accelerate into Aug/Sept ’23.
Does this Have Anything to Do with Geopolitical Factors?
When & Where Will Be the Best Place to Enter Long Positions?
How Does This Correlate to Inflation & Interest Rate Analysis?
Refer to the March 17, 2023 issue of The Bridge – Crude, Natural Gas & the XOI Index (FREE with any Weekly Re-Lay subscription of 1 month or longer) for expanded analysis that addresses key aspects of the 2023 outlook for energy markets.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.