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Strategies & Market Trends : John Pitera's Market Laboratory

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To: The Ox who wrote (20055)	10/1/2017 10:33:48 AM
From: John Pitera	3 Recommendations Read Replies (3) of 33421

The 10 Year Brent WEEKLY CHART JUMPS RIGHT OUT AT ME. Brent Crude has not been this far above the weekly Bollinger Band in 10 years.... clearly something is up. the 10 Year Weekly Canada Loonie $/CAD is the chart that energy traders should focus on to spot the big moves and trends in Crude ... especially Brent this year. for the big commercial traders in the Energy complex (the distilattes, Crude, Gasoline, Heating Oil, Jet Fuel, etd.... Nat Gas beats to it's own drummer) and the *global macro trend traders the 10 year CAD tells the entire story without all the extra "noise"..... CAD and CRUDE hard down from the fall of 2014 into the bottom in Jan-FEB 2016....and the currency leads the product, the crude that is.. as the Currency bottomed in January and WTIC did not bottom until $26.05 on Feb 11th 2016. Once Crude had turned the CAD told you to get long and aggressively long until the 3rd week of April and then at the point the CAD drifts downward for a number of months while the crude and Brent markets went through a lot of sideways and dangerous shorter term 5 and 6 dollar rallies up and then bear moves of 6 to 8 $ lower. So the market currency and crude market were trading sideways to down until the 72.50 level in the CAD at which point the CAD took off and appreciated* while lead crude especially Brent which has been turbo *charged to the upside* as of the start of May. The CAD has broken above it's 200 weekly MA and looks like this is as good entry point for a bigger global macro position trader as the currency appears to want to go higher.. This has bullish implication for crude and Brent, and of course Brent is a larger % above tit's BB than it's been since he Great Financial Crisis. The one year chart of Brent Shows the highest price of the year accompanied by a super strong RSI momentum reading.... we should see at least 1 or 2 hgher high in price with a dissipation and reduction of Price Momentum. We also saw the 50 DMA move above the 200 DMA which can hardly be read as a bearish development. The Weekly Brent Chart is also looking constructive The Chaikin money flow has been positive and additive for largely since April of 2016. the 1 year WTIC is showing some nice accumulation the past 8 weeks or so. The Weekly Copper chart is still looking like it is in an overall uptrend.. So we have some signs of inflationary forces in the economy. The RUT is looking like the single US stock index which is performing best the past week. and the USD index has been embarking on an uptrend move since early in Oct. although it has hitten overhead resistance..... John

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