Oil Markets Remain Weak; Energy/Equity Connection Bearish; Where is Crude Headed?

Oil Markets Remain Weak; Energy/Equity Connection Bearish; Where is Crude Headed?

12/01/18 Weekly Re-Lay: Crude Oil, Unleaded Gas & Heating Oil remain weak and continue to plunge since peaking in early-Oct. while perpetuating a 32 – 34 week low-low-low-(high) Cycle Progression in Crude.  That high fulfilled monthly & yearly cycles as well, setting the stage for a 6 – 12 month peak.

Crude and Unleaded Gas are nearing their mid-2017 lows, the point from which their ~15-month advances began.  1 – 2 year support/downside targets come into play at 47.90 – 48.55/CL.

Crude Oil has plummeted since peaking in early-Oct. while fulfilling multi-month, multi-quarter & multi-year cycle highs in/around late-Sept. 2018… and also completing the latest phase of Middle East cycles that projected higher oil prices into late-Sept. 2018.  Crude expected to reach 1 – 2 year support/downside targets at 47.90 – 48.55/CL and ultimately attack 2 – 3 year support at 42.05 – 42.65/CL before multi-month bottom becomes more likely.

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.