Why Does Weekly Trend (and Cycle High) Project Multi-Month Drop in Crude?
Why Does Weekly Trend (and Cycle High) Project Multi-Month Drop in Crude?
11/03/18 Weekly Re-Lay: “Crude Oil, Unleaded Gas & Heating Oil extended their declines reinforcing the early-Oct. peaks that perpetuated a 32 – 34 week low-low-low-(high) Cycle Progression in Crude. Crude turned its weekly trend down as it attacked its primary downside target of 63.00/CLZ.”
Crude Oil has plummeted since peaking in early-Oct. while fulfilling multi-month, multi-quarter & multi-year cycle highs in/around late-Sept. 2018. Crude turned its weekly trend down, portending a brief bounce followed by a more significant drop. The 32 – 34 Week Cycle Progression corroborates that and projects a multi-month decline. Energy/equity connection remains bearish during 4Q 2018.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.