For several months I have been expecting a high in oil as of last Friday.
A 34-month cycle (below) was my original suspicion for thinking so. But as you can see, the cycle calls for a high in June, not July. While the closing high in June has, as of last Friday, been exceeded, we won’t know where the closing high in July will be for three more weeks. Friday’s close at 103.22 is dead-on the 61.8% retracement of the 2008 bear market (as well as a declining trendline) giving us the perfect level at which to expect a possible top.
The 5/31/13 rally has reached a level that makes it equal to the April-May rally and the stochastic oscillator is printing a negative divergence.
The daily Coppock Curve is not confirming new highs in price with its own new highs; ditto for the weekly. Last week was an expected 13-week cycle high and this week is a 21-week cycle.
As part of the “risk-trade” it would make sense that crude would top with equities which were expected to print a high last Friday due to a Lindsay Middle Section forecast.
A breakout above Friday’s close can be expected to see crude rally to at least 107 and probably 110.
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WTI Crude Oil Due For A Cycle High
Published 07/09/2013, 05:10 AM
Updated 05/14/2017, 06:45 AM
WTI Crude Oil Due For A Cycle High
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