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NY Crude Oil Futures - Still BULLISH »» Weekly Summary Analysis
By: Marty Armstrong | December 26, 2020

The NY Crude Oil Futures closing today at 4823 is immediately trading down about 21% for the year from last year's settlement of 6106. Immediately, this market has been declining for going into 2020 reflecting that this has been only still a bearish reactionary trend. As we stand right now, this market has made a new low breaking beneath the previous year's low reaching thus far 650 yet it is trading below last year's close of 6106.

The NY Crude Oil Futures has continued to make new historical highs over the course of the rally from 2016 moving into 2020. Noticeably, we have elected two Bullish Reversals to date. Currently, the market has dropped back and is trading beneath the previous year's close warning of a potential correction in play. This is especially true since we are facing an outside reversal to the downside by penetrating the previous year's low as well.

From a perspective using the indicating ranges on the Daily level in the NY Crude Oil Futures, this market remains moderately bullish currently with underlying support beginning at 4794 and overhead resistance forming above at 4931. The market is trading closer to the support level at this time.

On the weekly level, the last important high was established the week of December 14th at 4943, which was up 6 weeks from the low made back during the week of November 2nd. So far, this week is trading within last week's range of 4943 to 4569. Nevertheless, the market is still trading upward more toward resistance than support. A closing beneath last week's low would be a technical signal for a correction to retest support.

The broader perspective, this current rally into the week of December 14th reaching 4943 has exceeded the previous high of 4190 made back during the week of October 19th. 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. Looking at this from a wider perspective, this market has been trading up for the past 11 weeks overall.

Interestingly, the NY Crude Oil Futures has been in a bullish phase for the past 7 months since the low established back in April.

The market is trading some 4.25% percent above the last high 4626 from which we did originally obtain two sell signals from that event established during November. Long-Term critical support still underlies this market at 3957 and only a break of that level on a monthly closing basis would warn of a break of the current uptrend. At this time, the market is holding and is trading above last month's high as well.

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