Oil Trading: Crude Oil Begins New Advance; What is 2019 Outlook?

Oil Trading: Crude Oil Begins New Advance; What is 2019 Outlook?

01/09/19 Weekly Re-Lay Alert: Crude Oil, Unleaded Gas & Heating Oil are showing signs of recovery after Crude reached the primary level of 2 – 3 year support – at ~42.00/CL  They turned their daily and intra-month trends up, confirming that multi-week lows are in place.

Crude is testing monthly resistance – the initial upside target for that intra-month uptrend – and its weekly trend neutral point, placing it at a decisive juncture from where a 2 – 3 day pullback could unfold.

Crude Oil has rallied since fulfilling downside potential from bearish 4Q ’18 cycles, attacking 2 – 3 year support & downside targets at 42.05 – 42.65/CL.  That test is what was necessary before a multi-month bottom would become a much higher probability.  A 2 – 3 day pullback would set stage for new multi-week rally.

What could confirm new 1 – 2 month advance?  What is initial upside target??

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