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 (V).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 (V).I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.46 projects this upward $13.20 (+), of which we have attained $7.20 so far, but will not be negated until this trades $33.15; and 2.) on the way up there are major areas of possible exhaustion to contend with which come in at $46.19-43 and higher.
On a short-term basis:The decent break below $42.93 (+1 tic per/hour) brought in $1.47 of pressure before short covering off the low.Decent trade above $42.79-81 should bring in decent renewed strength; but if we break above here decently and back below decently, look for decent pressure to come in.Decent trade above $43.24-25 will project this upward $1.80 (+).Today has a good likelihood of being a range expansion day.Note: Brent is already bullish on the day…
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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