Crude Oil, T-Bond, Euro: Trend Changes Nearby
by Antonis Benis, on May 29, 2019 5:00:50 PM
After a seasonal high in April, crude oil is moving now into a seasonal low as early as next week. 10 year cycle suggests a strong rally into 2020 once the correction is complete.
Support @ $55,85/59,16 and the 5x2 m Gann angle, followed by $54 (see the 1st chart).
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T- bonds have been rallying for 7 months since the major low back in October 2018. However, cycles and intermarket analysis suggest that they should find significant resistance nearby.
Expect a top in the next week or so, followed by a retest of the April lows. Resistance @ 153,56/153,74 (June 2019 contract) and the -5x32 w Gann angle, almost reached today. (see the 2nd chart)
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DX and the EURO
Currency markets have been much calmer than the other ones. There is strong technical evidence for a multi-week trend change nearby.
The Dollar index should make a slightly higher high (resistance @ 98,51 and the -3x512 c Gann angle), while the Euro should make a slightly lower low (support @ 1,11 and the 5x2048 Gann angle) and reverse. See charts 3, 4.