Oil: Hurst Cycles - 28th November 2022
Oil seeps lower to our initial target of 78, on the path to the 18 month nominal low due early next year. In this short update we look at the progress and explore a subtle FLD crossing tip for experts
Tools required: Nominal Model | FLD | FLD Trading Strategy | FLD Trading Strategy (Advanced) | Principle of Nominality | Underlying Trend
Analysis Summary
Oil has moved down from what is likely the 20 week nominal peak early November. We noted in our last report that price may well track resistance at the 20 week FLD all the way down to the next 80 day nominal low, due late November:
From 4th November Report:
The 20 week FLD (green, medium and short term chart) is likely to be tracked all the way down to the end of November, should the phasing be accurate.
The target of 78 and 80 day FLD cross target of 80.85 have been met and exceeded, indeed price has breached what we have phased as the 20 week nominal low in late September. There is not too much to add from our last report but we do have the 18 month FLD cross target obtained from Sentient Trader at 34, which, given it’s bearish nature, allows us to talk about a subtle point of FLD support and resistance.
Sentient Trader takes the absolu…