Energy Markets Remain Positive into May 2019; How High Could Rally Reach?
Energy Markets Remain Positive into May 2019; How High Could Rally Reach?
02/20/19 Weekly Re-Lay Alert: Crude Oil, Unleaded Gas & Heating Oil are positive with daily cycles ushering in the potential for a 1 – 2 week peak on/around Feb. 19 – 20 (and a subsequent low near month-end). However, Crude finally closed above its early-month high, exiting several weeks of congestion and rallying to new highs in sync with its weekly (and intra-year) uptrend.
That also reinforces the daily trend that remained positive during the correction into Feb. 11. As a result, it could surge as high as 58.30 – 59.31/CLJ – where weekly & monthly resistance overlap. On a 3 – 5 day basis, the daily trends remain positive until daily closes below 55.61/CLJ, 1.7140/RBJ & 1.9640/HOJ.”
Crude Oil & energy markets reinforcing outlook for overall advance from late-Dec. into ~May 2019 (next phase of 32 – 34-Week & 15 – 17-Week Cycle Progressions). Near-term cycles and indicators portend a high around Feb. 20 followed by new multi-week period of congestion, before next leg up.
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.