Crude Oil in Consolidation Between Breakout Patterns 10/19/20
Directional Opinion: We settled in a bull leg. Settlement below $39.73 will start this in a bear leg. On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we saw $21.14 of this, rolled into (Z). 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 (Z). These are ON HOLD. I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.88 projects this upward $12.45 (+), of which we have attained $7.17 so far, but will not be negated until this trades $33.76; and 2.) on the way up there are major areas of possible exhaustion to contend with which come in at $44.08 (the high of (X) was $44.05), $46.69-8.71 and higher. Decent trade below $37.85-83 will project this downward $4.00 minimum, $7.30 (+) maximum. This WEEK has a good likelihood of being a range expansion week.
On a short-term basis: Decent trade above $41.40-49 will project this upward $2.00 minimum, $4.85 (+) maximum; but if we break above here decently and back below decently, look for decent profit taking to come in. Today has a good likelihood of seeing range expansion on the day as well.
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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