CRUDE OIL IN BEARISH CORRECTION 6/29/20
On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength, possibly for days—we have seen $21.14 of this so far.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.The decent trade above $38.63 (-1 tic per/hour) projects this upward $1.40 minimum, $3.55 (+) maximum.We have seen $3.00 before the bull projections were put ON HOLD.This is now likely in a bearish correction against the move up from $20.28.
On a short-term basis:The decent break below $40.82 (+3.3 tics per/hour) put this below a steep, minor formation that warned of pressure for at least $1.50—we have seen $3.74 so far.A decent break below $37.99 (+1 tic per/hour starting at 9:00am) should bring in continued pressure; but if we break below here decently and back above decently, look for decent short covering to come in.Today has a good likelihood of being a range expansion 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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