• 14 hours Holiday Spending Already Soaring Amid Pandemic
  • 2 days Another Stock Market Crash Could be Looming
  • 3 days Trump Loses Another Leg Of The WeChat Battle
  • 4 days DOW Plunges Amid WInter COVID-19 Surge Fears
  • 4 days Big Profits Are No Longer The Top Priority For Oil Investors
  • 5 days Banksy’s Littered ‘Monet’ Sells for $10M
  • 7 days Three Renewable Energy IPOs To Watch
  • 8 days Bitcoin Nears $13,000 As PayPal Joins The Crypto Fray
  • 9 days DOJ Declares The Obvious: Google Is A “Monopoly”
  • 11 days Alibaba Is About To Make History Again
  • 12 days Robinhood Users Are Latest Target Of Pandemic Hackers
  • 14 days The Hydrogen Boom Will Provide A $200B Boost To Wind And Solar Energy
  • 15 days Will The 5G Rollout Overshadow This Major Merger?
  • 16 days Corporate Bitcoin Holdings Boost Crypto Confidence
  • 16 days Indonesia Rolls Out Augmented Reality Innovation To Combat COVID
  • 17 days Banks Are Getting Rich On Pandemic Overdrafts
  • 17 days The Real Reason China Is Betting Big On Renewables
  • 18 days Europe Wants To End The Big Tech Monopoly
  • 18 days New Breakthrough Could Transform Rare Earth Mining
  • 19 days Waymo Set To Roll Out Fully Self-Driving Vehicles
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Bob Loukas

Bob Loukas

Bob Loukas is the founder of "The Financial Tap", a membership site dedicated to helping traders and investors navigate the markets while increasing their expertise…

Contact Author

  1. Home
  2. Markets
  3. Other

Will this Crude Oil Rally Hold?

Pipeline

Crude has finally reversed higher to recover some of its recent losses, and is now showing clear evidence of a new Daily Cycle (DC) and Crude Oil Rally.  There are early signs of a new Investor Cycle (IC) as well.

Midweek, Crude bottomed on day 44 before reversing sharply higher and punching through the declining trend-line. And when it closed above the 10 day moving average, Crude confirmed that it is in the early stages of a new Daily Cycle.  From this point forward, Crude’s performance will depend on its Investor Cycle and the bear market as a whole.

Daily Oil Chart
(Note: Chart is from the weekend post. Crude is approaching my first mini target at $44 on Tuesday)

In terms of sentiment, there was enough of a selloff to suggest that an ICL occurred. Even though pessimism did not drop to the level of the previous 2 bear market ICLs, it was more than adequate for an ICL, especially with the weekly Cycle extended beyond its normal timing band.

Crude Oil Optix

At the very least, Crude has seen a DCL, so we should expect at least 1-2 weeks of upside.  Eventually however, given that Crude is in a bear market with a series of lower ICs in play, all paths should lead lower. And that should continue for some time to come.

Oil Weeky Chart

 


The Financial Tap – Premium

The Financial Tap publishes two member reports per week, a weekly premium report and a midweek market update report. The reports cover the movements and trading opportunities of the Gold, S&P, Oil, $USD, US Bond’s, and Natural Gas Cycles. Along with these reports, members enjoy access to two different portfolios and trade alerts. Both portfolios trade on varying time-frames (from days, weeks, to months), there is a portfolio to suit all member preferences.

NOTE: The Financial Tap offers you a Full 14 day, no risk, money back Trial.  It’s just $99 thereafter for a full 3 months of membership, a fraction of what one stopped out trade is likely to cost you. Consider joining The Financial Tap and receive two reports per week and the education you need to become a better trader or investor See >> SIGN UP PAGE!

 

Back to homepage

Leave a comment

Leave a comment