Crude Oil has a seasonal tendency to bottom in December or January. The December 26th Crude Oil bottom (same day as SPX) came at a support zone in the $42 area with a significant RSI Bullish divergence. A clear Elliott wave "A -B - C" corrective pattern also appears complete at the 12/26/18 bottom.
Crude Oil usually has a seasonal rally January to April. Minimal upside target zone in the $60 to $64 zone - a 60 to 66% retracement of the October to December decline.
If Crude Oil breaks below the recent bottom at 44.67 it would put this forecast in doubt.
Mark
Crude Oil usually has a seasonal rally January to April. Minimal upside target zone in the $60 to $64 zone - a 60 to 66% retracement of the October to December decline.
If Crude Oil breaks below the recent bottom at 44.67 it would put this forecast in doubt.
Mark