Crude in Consolidation Just Below Bullish Formation 8/17/20
On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength, possibly for days—we saw $21.14 of this, rolled into (U).On 5/5 we left a medium-term bullish reversal below that warned of higher trade for days/weeks.We have seen $15.49 of this so far, rolled into (U).
On a short-term basis:The failure below the $41.87 (+2.2 tics per/hour) line projected this downward, but this is now on hold.The decent break above $41.84 warned of renewed strength—we saw $1.10 of this before rolling over from the $42.92 (+2.2 tics per/hour) line and rallying again.Decent trade above $42.26-37 (-.6 of a tic per/hour starting at 9:00am) will warn of continued higher trade; but if we break above here decently and back below decently, look for decent pressure come in.
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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