Crude in Bullish Correction/Trend Against Move Down from $67.79 on 3/29/21
On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $52.61 from that open at $15.37 in the (M).On 5/5 we left a medium-term bullish reversal below. We have seen $44.90 from $23.08.We held exhaustion below with a $34.04 low and rallied $33.94. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $29.53 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $25.66.The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $22.68 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $20.09 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $15.85 of the strength warned about above. The decent trade above $53.94 warned of continued strength. We have seen $14.89 of this. I would be aware we took out a major trendline at $55.15, which warned of significant strength in the weeks/months ahead, with a good likelihood of a run for $65.60 (++).We have seen $12.81 of this so far, taking out $65.60.The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum—the minimum could be attained within as little as 10 months. We have attained $9.96 so far. All the above bull formations are ON HOLD. Solid trade below $57.10-6.46 will warn of solid selling for weeks, likely back down toward $34.00 (-).
On a short-term basis: We saw $8.19 of pressure from the close on 3/15. I warned we were likely in the last stretch of the bearish structure from $67.79 down, with a possible exhaustion level at $57.35-26--we held this with a $57.25 low and bounced $4.09 into a bullish correction/trend. Areas of possible exhaustion for the bullish correction (if it is one) come in at $62.39-52, $63.75-4.06 and higher. The ideal timeframe for one of these to hold more permanently would not be until 3/30 and after.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold complex. 'Decent penetrations' are specific amounts provided to clients daily as well. If you are interested, please feel free to reach out.
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