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NY Crude Oil Futures - Pushing Higher »» Weekly Summary Analysis
By: Marty Armstrong | January 23, 2021

NY Crude Oil Futures closed today at 5227 and is trading up about 7.72% for the year from last year's settlement of 4852. Up to now, this market has been rising for this month going into January reflecting that this has been only still a bullish reactionary trend. As we stand right now, this market has made a new high exceeding the previous month's high reaching thus far 5393 while it is still trading above last month's high of 4943.

The historical broader tone of the NY Crude Oil Futures has been a bearish consolidation following the high eastablished back in 2008. Since then, this market has created 5 reaction highs which have been unable to break this overall protracted bearish consolidating trend. Still, the major low was made in 2020 and the market has bounced back for the last year. The last Yearly Reversal to be elected was a Bullish at the close of 2020.

Focusing on our 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 5224 and overhead resistance forming above at 5318. The market is trading closer to the support level at this time. An opening above this level in the next session will imply a decline is unfolding.

On the weekly level, the last important high was established the week of January 11th at 5393, which was up 10 weeks from the low made back during the week of November 2nd. We have been generally trading down for the past week, which has been a very dramatic move of 4.617% in a stark panic type decline.

Immediately, this decline from the last high established the week of January 11th has been important Before, this recent rally exceeded the previous high of 4190 made back during the week of October 19th. Nonetheless, that high was actually lower than the previous high made the week of August 24th suggesting this market has really been running out of sustainable buying for right now. This immediate decline has thus far held the previous low formed at 3364 made the week of November 2nd. 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.

Interestingly, the NY Crude Oil Futures has been in a bullish phase for the past 8 months since the low established back in April 2020.

The market is trading sharply some 5.74% percent above the last high 4943 from which we did originally obtain one sell signal from that event established during December 2020. Long-Term critical support still underlies this market at 4220 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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