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NY Crude Oil Futures - Pressing Higher »» Weekly Summary Analysis
By: Marty Armstrong | February 20, 2021

NY Crude Oil Futures closed today at 5926 and is trading up about 22% for the year from last year's settlement of 4852. Currently, this market has been rising for 2 months going into February 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 6229 while it is still trading above last month's high of 5393.

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.

Solely focusing on only the indicating ranges on the Daily level in the NY Crude Oil Futures, this market remains moderately bullish currently with underlying support beginning at 5871 and overhead resistance forming above at 5933. The market is trading closer to the resistance level at this time.

On the weekly level, the last important high was established the week of February 15th at 6229, which was up 15 weeks from the low made back during the week of November 2nd. So far, this week is has moved to the downside penetrating last week's low of 5860 reaching 0. 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 February 15th reaching 6229 has exceeded the previous high of 5393 made back during the week of January 11th. 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 15 weeks overall.

Interestingly, the NY Crude Oil Futures has been in a bullish phase for the past 9 months since the low established back in April 2020.

Critical support still underlies this market at 5100 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading above last month's high showing some strength.

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