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NY Crude Oil Futures - WARNING Temp High In Place » Weekly Summary Analysis
By: Marty Armstrong | November 13, 2021

NY Crude Oil Futures closed today at 8079 and is trading up about 66% for the year from last year's settlement of 4852. Up to this moment in time, this market has been rising for 2 months going into November reflecting that this has been only still a bullish reactionary trend.

ECONOMIC CONFIDENCE MODEL CORRELATION

Here in NY Crude Oil Futures, we do find that this particular market has correlated with our Economic Confidence Model in the past. The Last turning point on the ECM cycle low to line up with this market was 2020 and 2009 and 2001 and 1998 and 1994. The Last turning point on the ECM cycle high to line up with this market was 2018 and 2011 and 2000.

MARKET OVERVIEW
NEAR-TERM OUTLOOK

The NY Crude Oil Futures has continued to make new historical highs over the course of the rally from 2020 moving into 2021. Noticeably, we have elected one Bullish Reversal to date.

This market remains in a positive position on the weekly to yearly levels of our indicating models.

Looking at the indicating ranges on the Daily level in the NY Crude Oil Futures, this market remains moderately bearish position at this time with the overhead resistance beginning at 8178 and support forming below at 7955. 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 October 25th at 8541, which was up 9 weeks from the low made back during the week of August 23rd. We have been generally trading up for the past week from the low of the week of November 1st, which has been a move of .0791%.

INTERMEDIATE-TERM OUTLOOK

YEARLY MOMENTUM MODEL INDICATOR

Our Momentum Models are declining at this time with the previous high made 2019 while the last low formed on 2020. However, this market has declined in price with the last cyclical low formed on 2020 warning that this market remains weak at this time on a correlation perspective declining in both price and Momentum.

Interestingly, the NY Crude Oil Futures has been in a bullish phase for the past 11 months since the low established back in November 2020.

Critical support still underlies this market at 6500 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.

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