Loading ...WTIC Crude Cycle
Crude is making a bullish move here but many of the TA indicators I am looking at on the weekly show we are potentially overbought near term.
The last two ICs topped on week 7 and were left translated (failed) making a lower IC Low. We are now on week 13 and about where we might see a move into a half cycle low. A higher Intermediate Cycle Low in the July/Aug timeframe, however, would be an additional signal that Crude has ended its Bear Market.
First two charts show the bullish move over different time scales.
Despite the ugly fundamentals for Crude, a higher Intermediate Cycle low in the July/Aug timeframe would help signal that the broader CRB is starting to bottom.
(Note: My 3rd chart below mentions “Oversold” but should say “Overbought” in the text box)
