At we are pure technical analysts – we let the “Charts” do the talking.

Our custom multiple-time-frame annotated charts deliver insights into directional bias, timing, and key price levels by utilizing our unique askSlim methodology that combines cycle analysis, momentum/trend studies, and swing high/swing low techniques.

Our analysis is suggesting significant changes in the Light Crude market. An intermediate cycle that was projected due in mid-February was pushed out about a month until late March. This was likely an effect of the sanctions that were placed on Russian oil.

In the weekly chart, momentum has recently turned negative and a key cycle low support level has been broken, which shifted the weekly cycle structure negative. The negative cycle pattern suggests that Light Crude will likely struggle to push through key resistance zones and likely retest recent weekly lows near 93. This will likely continue as it completes the current weekly cycle, which is projected to establish a new low this summer. On the upside, there is plenty of room for rallies to occur before the current cycle enters a projected period of higher risk, which includes the declining and bottoming phases. Short-sided opportunities will be available for savvy traders. Some key weekly price levels to watch:

– Major resistance levels are at 108 – 111
– The next major support is around 88
– The current cycle is in the “rising phase”
– The next bottom is expected between mid-July to mid-August

In the daily chart for Light Crude, we see activity that is very similar to the weekly chart. Whenever the weekly and daily charts are strongly correlated, we gain a sense that the projections we make are more likely to occur. Some key daily price levels to watch:

– Short-term resistance at 102-108
– Major resistance around 116
– The next major support is around 88
– The current daily cycle just recently established a minor low
– The next bottom is expected in late May

To learn more about the askSlim Method of performing Cycle Analysis, you can read our series, Introduction to Cycle Analysis.

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