Crude Oil Price Momentum Shifting Upwards
CRUDE OIL PRICE MOMENTUM SHIFTING UPWARDS
First by Daily momentum increments, then by Weekly and now by Monthly momentum, CRUDE OIL is shifting it’s price objectives upwards.
We’re now at the very earliest level of a monthly shift in price. This is a very significant clue to a bottom in Crude Oil prices for possibly many weeks to come.
Crude Oil Prices declined for 9-months, so, it’s safe to assume that any reaction to that decline is likely to last weeks, at least, and, more likely months. This means that oil prices can rise going forward for some time if confirmed by price momentum.
Early indications are now in using The Excalibur Analysis Method that, indeed, a significant shift has started to take place.
Prices need to have the strength to hold at present levels (or higher) for the next 2-weeks time for the new uptrend to provide confirmation of the strength of the upwards move to follow.
Long trades can be made before this time, but, only on retracements in price above previous lows and, with stops placed just below the previous low swing.- George