Tom and Sherman McClellan have pointed out several times in their McClellan Market Report newsletter that the price of Oil trails the movement of Gold by about 11 months. It's an odd relationship that defies logical explanation but it does hold up pretty well over time, aside from event driven oil spikes such as the first Gulf War.
Based on the price of Gold, the current view is that Oil should experience another near term spike higher before entering a long 8 month trading range. The following chart is the current picture of gold which exploded out of a sideways triangle formation earlier in the year.
I would guess that the Oil trading range will be remain between $66 and $56. Tops will be marked by an RSI (14) reading of 65 - 70 and bottoms by an RSI reading of 35 - 40.
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Tops will be marked by an RSI (14) reading of 65 - 70 and bottoms by an RSI reading of 35 - 40.
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