NY Crude Oil Futures Summary Analysis By: Marty Armstrong | February 24, 2018
Analysis for the Week of February 26, 2018
ANALYSIS FOR THE CLOSE OF Fri. Feb. 23, 2018: NY Crude Oil Futures closed today at 6355 and is trading up about 5.18% for the year from last year's closing of 6042. So far, we have been trading up for the past day since the reaction low made on Thu. Feb. 22, 2018, but the key low was made 10 days ago on Fri. Feb. 9, 2018 at 5807. Considering our Reversal System, our next Weekly Bullish Reversal to watch stands at 6490 while the Weekly Bearish Reversal lies at 5608. This provides a 13% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 6955 while the Bearish Reversal lies at 5070. This, of course, gives us a broader trading range of a 27%.
The last event was a low established during 2016.
A possible change in trend appears due come this month in NY Crude Oil Futures so be focused. Last month produced a high at 6666 and so far, we have broken beneath last month's low 6010 closing yesterday at 6355. We now need to close beneath 6010 on a monthly basis to imply a technical reversal of trend to the downside for now.
At this time, the market has closed on the Yearly level up 131.9% from the strategic low established during 2016, which has been a 1 year rally from that event.
Observing the near-term level, the market has closed down 14% from the last cycle high established during 2017, which has been only a move from last year. Now bearing in mind the long-term perspective, the market has closed on the Yearly level down 58.9% from the strategic high established during 2008, which has been a 9 year move.
Our Daily level momentum and trend indicators are both bullish reflecting support forming at 6418. Turning to the broader picture, our long-term trend and cyclical strength indicators are both neutral reflecting resistance forming at 6125.
On the weekly level, the last important high was established the week of January 22nd at 6666, which was up 31 weeks from the low made back during the week of June 19th. This was a key week for at least a temporary high on the Pi cycle. We have been generally trading up for the past 2 weeks from the low of the week of February 5th, which has been a move of.0865 percent.
At this moment, this market is in a downward trend on all our indicators looking at the weekly level. Eyeballing the direction of this trend, we have been moving down for the past 4 weeks. The last high on the weekly level was 6666, which was created during the week of January 22nd. The last weekly level low was 4205, which formed during the week of June 19th, and only a break of 5820 on a closing basis would signal serious correction ahead. However, we still remain above key support 6010 on a closing basis.
Critical support still underlies this market at 5070 and a break of that level on a monthly closing basis would warn of a sustainable decline ahead becomes possible. On a broader perspective, this market remains in an uptrend posture on all our indicators looking at the monthly level. We see here the trend has been moving up for the past 23 months. The last monthly level low was 2605, which formed during February 2016, and only a break of 5582 on a closing basis would signal serious correction ahead. The last high on the monthly level was 6666, which was created during January.
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