Crude Oil in Consolidation Within Overall Bearishness 9/15/20
Directional Opinion: 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 (V). 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 (V). These are ON HOLD. I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.46 projects this upward $13.20 (+), of which we have attained $7.20 so far, but will not be negated until this trades $33.15; and 2.) on the way up there are major areas of possible exhaustion to contend with which come in at $46.19-43 and higher.
On a short-term basis: The decent trade below $43.25 warned of decent pressure. We have seen $7.12 so far. I cautioned we have possible macro exhaustion areas below to contend with that come in at $36.11-.35.94, $33.52-2.55, and lower. We held the upper of these with a $36.13-16 low and rallied $2.29 into a lower time frame corrective move against the move down from $43.78 . Areas of possible exhaustion for a corrective move to the upside come in at $38.93-9.05, $39.55-95, and $40.42-86. Decent trade below $37.14 (+1 tic per/hour starting at 9:00am) will put this below a minor pattern that will warn of continued pressure, but if we break below here decently and back above decently, look for decent short covering to come in. A maintained gap higher today will leave a short-term bullish reversal below, but this will be more effective if/once we take out $39.35.
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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