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NY Crude Oil Futures Summary Analysis
By: Marty Armstrong | March 31, 2018

Analysis for the Week of April 2, 2018

OUR ANALYTICAL OPINION AS OF THE CLOSE OF Thu. Mar. 29, 2018: NY Crude Oil Futures closed today at 6494 and is trading up about 7.48% 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 Wed. Mar. 28, 2018. Applying our Reversal System, our next Weekly Bullish Reversal to watch stands at 7724 while the Weekly Bearish Reversal lies at 5608. This provides a 27% 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 May in NY Crude Oil Futures so be focused. Last month produced a low at 5807 and so far, we have exceeded last month's high. We now need to close above 6630 at month-end to imply a technical reversal of trend to the upside 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.

Focusing on 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. Concentrating on 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 is bearish while the trend indicator is neutral providing a mixed short-term posture for the market. Turning to the broader picture, our long-term trend and cyclical strength indicators are both bullish 6508.

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 6 weeks from the low of the week of February 5th, which has been a move of.1212 percent.

Currently, this market remains in an uptrend posture on all our indicators looking at the weekly level. We see here the trend has been moving up for the past 39 weeks. The last weekly level low was 4205, which formed during the week of June 19th, and only a break of 6011 on a closing basis would signal serious correction ahead. The last high on the weekly level was 6666, which was created during the week of January 22nd.

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. Nevertheless, the market is trading above last month's high showing some strength. 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 24 months. The last monthly level low was 2605, which formed during February 2016, and only a break of 6010 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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