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Crude Oil Bullish, but Failure Below Breakout Line Should Bring in Pressure for Days 1/4/21


On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $34.85 from that open at $14.98 in the (M).On 5/5 we left a medium-term bullish reversal below.We have seen $26.75 from $23.08. These are OFF HOLD.


On a short-term basis:We held exhaustion below with a $34.04 low and rallied $15.79. On 11/3 we left a short-term bullish reversal below that warned of strength for days.We have seen $11.57 of this so far.On 11/16 we left a short-term bullish reversal below.We have seen $7.77.The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $4.62 of this. These are OFF HOLD.The decent break back above $46.75 brought in $3.08 of strength against the bearishness from the short-term bearish reversal left above on 12/21, and we negated the bearish reversal above with the decent break above $48.63.The decent trade above $48.36-48 (-.5 of a tic per/hour) brought in $1.35 of the strength warned about above before backing off the high.However, I would caution the break back below $49.43 warns of pressure against this.If we fail back below where the line comes in at $48.43 (-.5 of a tic per/hour starting at 9:00am), look for decent pressure to come in.Decent trade below $47.84 (+.3 of a tic per/hour starting at 9:00am) will project this downward $2.00 (+).I warned in the Post MarketSynopsis that today will likely see range expansion—we have already exceeded Thursday’s range on Globex


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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