• 824 days Will The ECB Continue To Hike Rates?
  • 824 days Forbes: Aramco Remains Largest Company In The Middle East
  • 826 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,226 days Could Crypto Overtake Traditional Investment?
  • 1,231 days Americans Still Quitting Jobs At Record Pace
  • 1,233 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,236 days Is The Dollar Too Strong?
  • 1,236 days Big Tech Disappoints Investors on Earnings Calls
  • 1,237 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,239 days China Is Quietly Trying To Distance Itself From Russia
  • 1,239 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,243 days Crypto Investors Won Big In 2021
  • 1,243 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,244 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,246 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,247 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,250 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,251 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,251 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,253 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Time and Cycles Crude Oil Review and Forecast

Crude Oil has been in Free fall the last couple of months. It became bearish when it finally broke below its 2 year Triangle back in September-October 2014.

Monthly Oil Chart
Larger Image

10/06/14 Crude Oil Forecast: "The Monthly Crude Oil closed lower last week at 89.74, below long term Triangle Trendline support at 92, which is bearish. The Triangle has formed since the 5/2/11 Highs, just over 2 years now."

11/17/14 Crude Oil Forecast: "The Monthly Crude Oil again closed lower last week at 75.82, which remains bearish. Triangle target is 51.67."

Monthly Oil Chart 2
Larger Image

Actual: Since we broke the 2 year Triangle back in September 2014, we saw a sharp multi-month decline finally reaching our 51.67 Triangle Target (from 11/17) on Monday Jan 5 2015.

What's next: Support is at 49.86, the 78.6% retrace, but Major support is at the long term 12/98L-11/01L-12/08L Up trendline at the 46-47 area. There is a 50 Month Cycle due June 2015, bias is this will be a Low and the Apex of the 2 year Triangle due in Feb 2016, which should be a major CIT.

In the Stockmarket, the 12/26-29 double Highs were confirmed in with 12/31 decline and projected lower on Fri-Mon 1/02-05, we will review the stock market outlook in the next Update.

 

Back to homepage

Leave a comment

Leave a comment