Crude gained $1.62/bbl. last week and closed at 47.84 but still below the 200-dma. BWI (bandwidth indicator) fell in non-confirmation of the rally.
Support is at 45.25. I suspect we will see a run to the 200-dma at 49.00 prior to new lows in crude however, the detrended oscillator is overbought warning of a pullback early this week.
The weekly Coppock failed to confirm last winter’s new high warning of a serious correction (chart).
Cycles: An annual high is due in late May.
Coppock Curves: Daily is rising but the weekly is falling. The monthly is rolling over.
Seasonality is bullish in May.
(Click on image to enlarge)
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