Crude Oil in a Bullish Correction/Trend Against Move Down From Highs 6/28/22
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $115.13 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $107.05 from $23.45. We held exhaustion below with a $34.04 low and rallied $96.46. The trade above $45.21 warned of renewed strength—we have seen $85.29 of this. The trade above $52.24 has brought in $78.26 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength. We have seen $75.35.The break above $57.45-8.02 projects this upward $56 minimum, $101 (+) maximum. We have attained $72.48. The sustained trade above $76.90-98 warned of $70 to the upside over the next 18 months. The trade above $80.03 brought in $50.47.The trade above $84.58-82 brought in $45.68. The trade above $89.36 brought in $41.14.The trade above $93.05 brought in $37.45. All of the above are ON HOLD.
On a shorter-term basis: The trade below $119.15 has brought in $17.62 of pressure. The trade below $115.90 projected this downward $3.20min, $8.85 (+) max. We have attained $14.37.These are ON HOLD. We held exhaustion at $103.46-2.21 with a $101.53 low and bounced $10.19 into a bullish correction/trend. The trade above $104.99 (-12 tics per/hour) warned of short covering—we have rallied up to $111.72. Areas of possible corrective exhaustion come in at $111.20-1.64, $113.47, $115.33, and $116.74-40. We are currently holding the lower of these with a $111.72 high. Decent trade below $108.40 (+7 tics per/hour starting at 8:00am) will warn of decent pressure.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold/Bitcoin 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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