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Crude In Consolidation, Still Under Bearish Formation Within 10/23/20


On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we saw $21.14 of this, rolled into (Z).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 (Z).These are ON HOLD.I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.88 projects this upward $12.45 (+), of which we have attained $7.17 so far, but will not be negated until this trades $33.76; and 2.) on the way up there are major areas of possible exhaustion to contend with which come in at $44.08 (the high of (X) was $44.05), $46.69-8.71 and higher.This WEEK has a good likelihood of being a range expansion week, and I would also note we just took out the highs of a number of weeks and failed back below them.


On a short-term basis:The decent failure back below $41.37-38 warned of decent pressure. We have seen $1.66 of this. The decent trade below $40.84-75 (+1.2 tics per/hour) projects this downward $1.00 minimum, $2.00 (+) maximum.We have attained $1.04 of this so far.This will come in at $41.44 (+1.2 tics per/hour starting at 9:00am).Decent trade below $39.89-84 will project this downward $1.20 minimum, $2.20 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to 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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