ANALYSIS AS OF THE CLOSE Tue. Dec. 18, 2018: NY Crude Oil Futures closing today of 4660 immediately is trading down about 22% for the year from last year's closing of 6042. Thus far, we have been trading down for the past 3 days, while we have made a low at 4611 following the high established Thu. Dec. 13, 2018, this price action warns of at least a pause in trend if not a retest of key support. Only a close above 5900 would imply a retest of the previous high. We did penetrate the previous session's low and closed below that low. Nonetheless, the market remains quite bearish.
Taking a broader cyclical perspective, the view which provides a map to the future is particularly important. Our next yearly target in time for a turning point is 2020. However, we also have a directional change due in 2018, which warns we must be concerned about the price action this year. So far, we have made a new high this year warning that a year-end closing below 6042 would suggest that a correction into the next target due 2020 where we could then move into the opposite direction for the next target due in 2021 becomes possible. Closing higher will suggest we could still press higher into 2020. Our pivot point for the year is 764569 which we are trading below right now and the market needs to maintain this posture to keep this direction in play. Remember that the key indicator remains the Yearly Reversal System. The next Yearly Bullish Reversal stands at 9270. The next Yearly Bearish Reversal resides at 5243.*
This comes from a Quant. Crude will close within 1% of $52.43. Anything less and we retest the lows along with increased taxes to try to keep govt afloat. We are so dead. 13 miles of trucks on Henday today and not a word.
Taking a broader cyclical perspective, the view which provides a map to the future is particularly important. Our next yearly target in time for a turning point is 2020. However, we also have a directional change due in 2018, which warns we must be concerned about the price action this year. So far, we have made a new high this year warning that a year-end closing below 6042 would suggest that a correction into the next target due 2020 where we could then move into the opposite direction for the next target due in 2021 becomes possible. Closing higher will suggest we could still press higher into 2020. Our pivot point for the year is 764569 which we are trading below right now and the market needs to maintain this posture to keep this direction in play. Remember that the key indicator remains the Yearly Reversal System. The next Yearly Bullish Reversal stands at 9270. The next Yearly Bearish Reversal resides at 5243.*
This comes from a Quant. Crude will close within 1% of $52.43. Anything less and we retest the lows along with increased taxes to try to keep govt afloat. We are so dead. 13 miles of trucks on Henday today and not a word.
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