Michael Oliver, the man who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, sent a note to King World News about the possibility of a new bull market about to kickoff.
Are We About To See A New Bull Market Emerge?
October 21 (King World News) – Michael Oliver, Founder of MSA Research: Monthly momentum: The long-term momentum setup for crude has been defined in our monthly commodity report via quarterly momentum. It has a clear multi-year downtrend structure that will break out into a positive trend if any month this quarter closes at $68. That level is circled on the price chart.
What about the current situation?
Here and on the next page we use two monthly momentum charts, and they argue that while the current swing trend is to the downside, it’s getting old. Up and down swings over the past several years have tended to run their course in four to six monthly bars of inhale and exhale.
Action is now into the fifth down bar, counting from and including the peak bar in June (the sort of upside that smart traders didn’t buy into since it was sparked by the Iran bombing news).
With nine more trading days left in October, we can’t define the numbers exactly yet, but if we see momentum take out this month’s oscillator high next month, then we have to assume the downside situation is drying up. That only requires being at $60. That’s not a major buy signal, but a sign that the downside pressure is likely ending. Getting back over the zero line/3-mo. avg. will be a more solid indication that this market has completed its recent pullback. Our early estimate is that the zero line will adjust down to $62.40 for next month. This is a special report released today by Michael Oliver. You must subscribe to Michael Oliver’s MSA Annual Service to get his special reports as well as his stock picks which have dramatically outperformed the XAU Gold Mining Index. MSA also lists individual mining stocks in their reports that significantly outperform the HUI Gold Mining Index. To receive the special KWN discount to subscribe to Michael Oliver’s internationally acclaimed MSA Annual Research and gain access to their research and stock picks CLICK HERE.
KWN Gold Special!
In this KWN Gold Special interview listen to the man who correctly predicted that 2024 and 2025 would each be a Golden Year For Gold gives listeners an update on what to expect with gold, silver and miners CLICK HERE OR ON THE IMAGE BELOW.
Friday’s Pullback In Gold & Silver
To listen to Alasdair Macleod discuss Friday’s pullback in gold, silver and the mining stocks as well as what to expect next CLICK HERE OR ON THE IMAGE BELOW.
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