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:::: NY Crude Oil Futures Summary Analysis
By: Marty Armstrong | April 28, 2018

Analysis for the Week of April 30, 2018

ANALYSIS FOR THE CLOSE OF Fri. Apr. 27, 2018: NY Crude Oil Futures closed today at 6810 and is trading up about 12% for the year from last year's closing of 6042. Thus far, we have been trading down for the past day, following the high established Thu. Apr. 26, 2018. Relying on our Reversal System, our next Weekly Bullish Reversal to watch stands at 7539 while the Weekly Bearish Reversal lies at 6371. This provides a 15% 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 6655 during March. We have now to exceed that level during April implying a continued advance was warranted. Support technically lies now at 5995 and a breach of that level will warn of a retest of key support down at 5582 becomes possible.

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.

Looking at 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. Turning to 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 bullish 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 6754.

On the weekly level, the last important high was established the week of April 16th at 6955, which was up 43 weeks from the low made back during the week of June 19th. We have been generally trading down to sideways for the past week, which has been a moderate move of .0350% in a stark panic type decline.

The broader perspective, this current rally into the week of April 16th has exceeded the previous high of 6666 made back during the week of January 22ndThis immediate decline has so far held the previous low formed at 4205 made the week of June 19th. Only a break of that low would signal a technical reversal of fortune and of course we must watch the Bearish Reversals. . Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend, and cyclical strength. From a pointed viewpoint, this market has been trading down for the past week.

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 44 weeks. The last weekly level low was 4205, which formed during the week of June 19th, and only a break of 6556 on a closing basis would signal serious correction ahead. The last high on the weekly level was 6955, which was created during the week of April 16th.

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 25 months. The last monthly level low was 2605, which formed during February 2016, and only a break of 5807 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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