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12/19/20 6:21 PM
The Oil & Gas Stock Index closing today at 80410 is immediately trading down about 36% for the year from last year's settlement of 127055. At present, this market has been rising for this month going into December 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 85893 while it has not broken last mont's low so far of 56390. Nevertheless, this market is still trading above last month's close of 74647.
Up to now, we still have only a 1 month reaction rally from the low established during October. We must exceed the 3 month mark in order to imply a trend is developing.
The historical perspective in the Oil & Gas Stock Index included a rally from 2003 moving into a major high for 2014, from which the market has been in a bearish trend since then moving into the low in 2016 forming a reactionary trend of 2 years bottoming at 86847. Nevertheless, we have not elected any Yearly Bearish Reversal to date from the turning point of 01/01 from 2014, which tends to warn that the 2014 high could still be challenged until we elect a Yearly Bearish Reversal. Nonetheless, the bounce since the 2016 low has been unable as yet to make any new high. We have elected two Bullish Reversals to date. The last Yearly Reversal to be elected was a Bearish at the close of 2018.
Looking at the indicating ranges on the Daily level in the Oil & Gas Stock Index, this market remains neutral with resistance standing at 80750 and support forming below at 80288. 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 7th at 85893, which was up 6 weeks from the low made back during the week of October 26th. We have seen the market drop sharply for the past week penetrating the previous week's low and it closed lower. We are still trading above the Weekly Momentum Indicators so we have not undermined critical support as of yet.
Interestingly, the Spain IBEX 35 Cash has been in a bullish phase for the past 8 months since the low established back in March.
Some caution is necessary since the last high 95630 was important given we did obtain four sell signals from that event established during June. That high was still lower than the previous high established at 129844 back during January. This warns that the trend is weak moving forward. Nevertheless, at this time, the market is still weak.
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