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Crude Oil: Watch The Counter-Trend Rally

Published 07/03/2017, 12:40 PM
Updated 07/09/2023, 06:31 AM
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Crude oil’s explosive rally recently has been a thorn in my side (although the NASDAQ’s weakness has helped balance it out). I wanted to take a look at recently counter-trend rallies in oil and see if there might be any insights to be drawn.

It seems to me, looking at recent history, that these wrong-headed rallies last for thirteen days before reversing. Now I realize that a sample set of two isn’t exactly mind-blowing. Thus, if this pattern holds, oil has the rest of this week to keep pushing higher before it finally rolls over yet again.

Crude Oil

Latest comments

I'm deeply suspicious of this 'winning streak' - as you point out, it's the same as the last few 'winning streaks' which have happen during this ongoing glut. What will they do next to try and talk up the price?
I predicted it-- like predicting the sun rising-- that Tim would get short squeezed in oil. Never fails lol
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