CRUDE OIL IN BEARISH CORRECTION/PROJECTION 6/12/20
On a macro basis:On 5/5 we left a medium-term bullish reversal below that warned of higher trade for days/weeks. We have seen $15.41 of this so far.This is ON HOLD.
On a short-term basis:On 4/29 we left a bullish reversal below that warned of renewed strength, possibly for days—we have seen $21.06 of this so far.This is now ON HOLD as well. The decent trade below $38.50 (+2.8 tics per/hour) projects this downward $1.90 minimum, $6.20 (+) maximum.We have seen $4.02 of this so far before holding a likely temporary exhaustion level at $34.46.Decent trade back above here should bring in decent short covering.This will come in at $39.17 (+2.8 tics per/hour starting at 9:00am). Yesterday we also left a short-term bearish reversal above. Decent trade above $37.84 will negate this and warn of a run for the trendlines and highs above.
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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