Navigating The Bullish Crude Cycle / Commodities / Crude Oil
From A Technical Analysis Perspective
Crude remains short-termbullish as long as the nearest WTI contract trades above the blue dottedhorizontal support region.
Oil ran up and made higherhighs inside the pale blue trend channel. The progress got confirmed bygeopolitical newsflow. Moreover, the most important commodity price gained despitea stronger US dollar. A breakout above the January 2018 high got furthertraction after being retested at the end of April 2018. Oil prices surpassedthe solid blue trendline spanning back to June 2016 this trading week. Weasses that as a fake breakout as part of a leading diagonal. Oil pricesare likely to correct into the 66.50-67.00 region before resuming the uptrend.
A word of caution isappropriate as long as prices hang out above the solid blue line (around69.75). A fake breakout has to be confirmed yet. The structure could easilyextend up. The trend is up and surprises should be expected into the directionof the trend.
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Our background lies ineconomics and trading. We have been trained at reputable universities andworked as proprietary traders as well as portfolio managers throughout the pastcouple of decades. We started exploring the field of behavioral economics dueto self-interest in the late 90’s.
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