Crude Oil Bullish 1/6/21
On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $35.61 from that open at $14.98 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $27.51 from $23.08.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $16.55. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $12.33 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $8.53. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $5.38 of this. The decent break back above $47.92 (+.3 of a tic per/hour) has brought in $2.67 of the decent renewed strength warned about above. Failure back below the $49.83-43 general area should bring in renewed pressure again. Decent trade below $47.68 (+.6 of a tic per/hour starting at 9:00am) will project this downward $3.05 minimum, $3.45 (+) maximum.
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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