Crude Oil In Trouble

Crude Oil

Crude oil in Trouble

Crude violated a key support zone this morning at 7600 and the break should mean a move to 6905.  Recessionary fears are up.  We cannot get too bearish as we move into the driving season and gasoline prices usually go higher into June and pull the complex up.

Energy stocks have also been falling as the ETF for energy stocks, the XLE failed to get through 8800 and issued a buy signal, and seems to be in trouble.  Still, it is one of the better sectors to own. Still, if 7900 comes out, it could break to 6600 eventually.  Chances are it will hold 8000 short-term. We do think stocks will move higher after the May 3rd FOMC meeting and pull the XLE back higher for a few weeks.

Natural Gas is closer to a bottom finally and we are watching the ETF UNG as it is trading around 7.00 and a good buy for scooping up multiple shares Natural Gas futures should rally to 13.50 into the year 2025 once the bottom comes in. 

Stay in touch with our thoughts on the Fortucast Financial Timer or the Fortucast ETF Timer. One-month trials for 97.00.

-Barry 

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Where is gold headed?

Gold

 

Where is Gold headed?
Gold has to take out 2008 to issue a sell signal and then the max. a pullback would be to 1940 or 1923.  It is very overbought.  Cycles would give it a chance to hold up much of next week with next Tuesday being very volatile.  We have to favor the pattern of 2062-65 manifesting.  Above 2070, the market could explode.  We are not seeing too much to knock it down until after April 20th and that may be only brief.

We are getting too close to a 3-day weekend and overbought conditions to expect that upper targets will come in today.  Still, we like next week and we warned you that we do not see much weakness in the cycles.   The most bearish pattern would stop at 2065-2072 and pull back to 1940.  The more bullish pattern would allow 2178 next and confirm the May high to 2285.

-Barry 

So why wait? Subscribe to our financial market reports today at https://fortucast.com/market-reports/financial#plans and start making informed investment decisions with the guidance of Barry Rosen and the Fortucast team. Don’t miss out on the opportunity to profit from the current crude oil market conditions.”

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One More Pullback for Energy Next Week

One More Pullback for Energy Next Week

Crude oil held up well and the May contract is not likely to take out 7700 and still has weak cycles next week and possibly a few days into the following week.  The more ideal pattern would suggest a strong sell-off to 6250 but that may not be realistic unless there is some huge event.  We are more interested in buying that pullback and looking for higher prices into June.  The ETFs USO and XLE and XOP should also pull back and set up nice buys.

Natural gas futures need one more low to 1.80 on the May contract to put in a major bottom.  We see higher natural gas from this low into the Year 2025 and it may get up to 13.50-14.50.  The ETF, UNG, is also very oversold and worth buying when Natural Gas bottoms.

Stay in touch with our latest thinking daily with the Fortucast Financial Timer and the Fortucast ETF timer.  One Month trials is 97.00.

-Barry 

So why wait? Subscribe to our financial market reports today at https://fortucast.com/market-reports/financial#plans and start making informed investment decisions with the guidance of Barry Rosen and the Fortucast team. Don’t miss out on the opportunity to profit from the current crude oil market conditions.”

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For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.

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When is the next gold entry?

When is the next gold entry?
Gold is far from done and still has cycle highs into early May and larger cycles are supportive into 2024.   The market is currently in a pullback situation and will be set up for the next advance.  Where is the best entry and when will it be?  Cycles are volatile this week and we might do a fake-out new high to 2058 and then still retrace from there.  Stay on top of this exciting market and find out how to trade it with ETFs like GLD or gold miners stocks in the ETF GDX.   Stay in touch with the Fortucast Financial Timer or the Fortucast ETF timer.  1 month’s trial is 97.00.

-Barry 

So why wait? Subscribe to our financial market reports today at https://fortucast.com/market-reports/financial#plans and start making informed investment decisions with the guidance of Barry Rosen and the Fortucast team. Don’t miss out on the opportunity to profit from the current crude oil market conditions.”

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For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.

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Finally a Break for Crude Oil Inflation

Finally a Break for Crude Oil Inflation

“Are you looking for a break in crude oil inflation? Our expert analyst and trader, Barry Rosen, says it’s time to pay attention to the crude oil market. According to Barry, crude has broken key levels and is projecting a bearish trend in the coming weeks.

Cycle lows are expected to dominate into late March and the first few weeks of April. The ETF’s for oil are vulnerable with this drop, so both USO and XLE for oil stocks are not yet done. The good news is, with Fortucast’s financial market reports, you can stay on top of daily developments and find out how to take advantage of these moves.

Barry has been a trusted voice in the financial industry for over 30 years, providing accurate and timely predictions for traders and investors. With Fortucast’s financial market reports, you’ll have access to his insights and strategies, as well as the perspectives of our team of expert analysts.

So why wait? Subscribe to our financial market reports today at https://fortucast.com/market-reports/financial#plans and start making informed investment decisions with the guidance of Barry Rosen and the Fortucast team. Don’t miss out on the opportunity to profit from the current crude oil market conditions.”

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For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.

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Powell Throws a Wrench into the Markets

Ready to Launch?

Powell Throws a Wrench into the Markets

It turns out that retracements that the highs we were seeing for many markets into Friday are now retracement highs as the action for Tuesday’s low were too impulsive to the downside.  With the higher dollar due to a perceived 50 bps hike.

  • Patterns on March futures in the S & P  suggest a 3-wave recovery to 4045 and then the market will start heading lower.
  • Many commodities tanked and gold and silver, and platinum still have much more time and room to fall now.
  • The Dollar could get to 111.00 to 113.00.

So how far lower are these markets going?  When will it end?  Stay on top of our short-term and long-term forecasts with Fortucast Market Timers.  One-month trials for the financial or ETF timers are only 97.00.   Exciting moves ahead!

-Barry

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For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.

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Ready to Launch?

Ready to Launch?

  • The stock market has put in some positive divergences and the MACD is turning up.
  • Needing NQ 100 futures to take out 12210 and then we can start a recovery rally next week.
  • S & P cash is holding up and could be at 4077 next week.
  • Usually, the week before FOMC is lower and it will be hard for the stock market to hold up past March 13th.   What lies ahead after FOMC?

-Barry

Stay on top of specific entries and exits for the next explosive moves on these markets into early March.   Get a trial for the Fortucast ETF timer or the Fortucast Financial timer for 97/month on our introductory trial.

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For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.

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Markets on the Edge–Cycle lows just about here.

Markets on the Edge–Cycle lows are just about here.

We found a commodity cycle on Wednesday which tends to create cycle lows and it is due to complete over the weekend. 
Tuesday’s fake-out on metals is leading to new lows.

April Gold projects 1804 and
March silver may get to max. 2060.  
Oil continues to look promising for a bounce to 8220-8320 and oil products had cycle lows this week.
Natural gas has put in a bottom and has a short-term target of 2.85-88 and that makes UNG a good long-term investment on the ETF front.  We do see a number of rubber band bounces for commodities coming here. 
Grains also issued a major sell signal and do not have a cycle low until April.  
The stock market is also on the edge here at publication.

Stay on top of specific entries and exits for the next explosive moves on these markets into early March.   Get a trial for the Fortucast ETF timer or the Fortucast Financial timer for 97/month on our introductory trial.

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For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.

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Markets in Transition

We have had nice retracements in stocks and metals and they have reached very oversold conditions. There is a very expansive cycle into next week that should create a sharp rubber-band reaction and recovery in tech, metals, and energy.

It may be short-lived but it should have a great deal of power and create interest in buying again before the market goes into limbo for the next FOMC meeting on March 22nd.

Tesla finally hit a pullback to 192 and should have one more strong move up.

Today the FOMC minutes come out at 2 pm Central and should cause movement out of the current malaise. Cycles suggest it should be positive and then it would continue into later in the week.

Stay on top of specific entries and exits for the next explosive moves on these markets into early March.   Get a trial for the Fortucast ETF timer or the Fortucast Financial timer for 97/month on our introductory trial.

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For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.

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AHEAD THIS WEEK IN THE FINANCIAL MARKETS.

Three-day weekends often end up being important turning points.
As always, three-day weekends are tricky and we have to go with the patterns.  Action on Sunday night and Monday morning may not mean much.  Cycles for stocks look strongly lower on Tuesday even if we get a bounce on Monday.  We are getting close to a strong two-week rally. 
 
1) Bitcoin should recover with NQ into early March even if it is down on Tuesday.  

2) Gold and silver’s strong rally at the end of the day on Friday in 5 waves is the start of confirmation of a temporary low and a rally into March 1-2nd.  We expect that this is just a B wave and retracement of the recent declines and that further declines will follow after a 2-3 week rally. .  

3) Crude oil and products are also due for a bottom here and would at least give us a 2-week rally.  

 4) T-notes have put in a minimum pullback and have to hold above 111.08 to negate a weekly chart sell signal but TLT, the ETF for lower rates may find support at 100.62.  

5) Natural gas is closer to a major weekly chart low. 

6) Copper is due for recovery into Wednesday. 

7) The dollar is due for a two-week correction but we have to stay open to coming from better levels up to 104.85 or 105.00. 

Stay on top of specific entries and exits for the next explosive moves on these markets into early March.   Get a trial for the Fortucast ETF timer or the Fortucast Financial timer for 97/month on our introductory trial. 

For short-term traders and moderately active swing futures traders. Markets covered: S&P 500 T-notes Dollar Euro Gold Silver Crude Oil Bitcoin Futures.

Click here to view on our website
Click here to see our blog and other great products. 

Try it for one month