News 
Market Data 
Discover
06/02/18 9:33 AM
OUR ANALYTICAL OPINION AS OF THE CLOSE OF Fri. Jun. 1, 2018: NY Crude Oil Futures closed today at 6581 and is trading up about 8.92% for the year from last year's closing of 6042. Thus far, we have been trading down for the past 2 days. On a broader perspective, this market has been trading down overall for the past 8 days, since the high established Tue. May. 22, 2018 following the high established Wed. May. 30, 2018. Relying on our Reversal System, our next Weekly Bullish Reversal to watch stands at 6956 while the Weekly Bearish Reversal lies at 6180. This provides a 11% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 6955 while the Bearish Reversal lies at 5806. This, of course, gives us a broader trading range of a 16%.
The last event was a low established during 2016.
A possible change in trend appears due come August in NY Crude Oil Futures so be focused. Last month produced a high at 7290 and so far, we have broken beneath last month's low 6580 closing yesterday at 6581. We now need to close beneath 6580 on a monthly basis to imply a technical reversal of trend to the downside for now.
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 bearish providing a mixed short-term posture for the market. Turning to the broader picture, our long-term trend and cyclical strength indicators are both bearish reflecting resistance forming at 6580.
On the weekly level, the last important high was established the week of May 21st at 7290, which was up 48 weeks from the low made back during the week of June 19th. We have seen the market decline further this week dropping to 0 and we are back above resistance which is beginnjing to now form initial support at 6551. The market has bounced from the low this week to close stronger at the immediate close of this session.
At this moment, this market is in a downward trend on all our indicators looking at the weekly level. We can see this market has been down for the past week. The last high on the weekly level was 7290, which was created during the week of May 21st. The last weekly level low was 4205, which formed during the week of June 19th. That is critical technical support and a breach of that low would warn of the potential shift in near-term trend. However, we still remain below key support and key resistance now stands at 6685 above the market.
Critical support still underlies this market at 5806 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 27 months. The last monthly level low was 2605, which formed during February 2016, and only a break of 6181 on a closing basis would signal serious correction ahead. The last high on the monthly level was 7290, which was created during May. However, we still remain below key resistance 6630 on a closing basis.
