Are Oil Markets Nearing a Sell-off as Natural Gas Rallies?
Are Oil Markets Nearing a Sell-off as Natural Gas Rallies?
09/22/18 Weekly Re-Lay: “Crude Oil, Unleaded Gas & Heating Oil are mixed with Crude rallying back to its highs – after testing and holding its weekly HLS without being able to turn its daily or intra-month trend down (in early-Sept.) – while the products remain sideways.
That set the stage for another attack at ~72.00 resistance, now in the Dec. contract, that could stretch into the coming week. A spike high on Sept. 21 – 28 would perpetuate a 32 – 33 week low-low-low-low-(high) Cycle Progression with the latest phase breaking down into a pair of successive, ~14-week rallies…it remains in a topping phase with the potential for a larger drop into October.
Natural Gas rallied sharply after setting its lowest daily close on Sept. 14. It turned its daily & intra-month trends up, signaling that the expected late-Sept. low is already (likely) intact – arriving 1 – 2 weeks early.”
Oil markets remain in a topping phase with Crude in the midst of multi-month & multi-year cycles that project a significant peak in/around Sept. 2018 – coinciding with Middle East cycles that project a major shift surrounding late-Sept. ’18.
Natural Gas, in contrast, is fulfilling analysis for a multi-month low (and subsequent rally into mid-Dec. ’18) that arrived a couple weeks early. That underlying strength could be revealing important clues.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.