Crude Oil is Bearish 12/20/21
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $70.04 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $61.96 from $23.45. We held exhaustion below with a $34.04 low and rallied $51.37. The decent trade above $45.21 warned of renewed strength—we have seen $40.20 of this. The decent break above $47.92 has brought in $37.49 of the decent renewed strength warned about above. The decent trade above $52.24 has brought in $33.17 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength. We have seen $30.26.The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $27.39.The trade above $59.50 brought in $25.91 of strength. The sustained trade above $76.90-98 warned of $70 to the upside over the next 18 months—this outlook would be negated with trade at $59.30, although I warned at the same time, we were likely in the final stretch of this bull structure and may now be in a bearish correction against this before (if) resuming higher trade. All the above are ON HOLD.
On a short-term basis: We left a significant bearish reversal above on 11/26 which warned of lower trade in the days/weeks ahead in general. This is in a likely in a macro bearish correction or trend against the move up from April of 2020.The decent trade below $78.72 (+1 tic per/hour) projects this downward $2.10 minimum, $6.50 (+) maximum. We have attained $16.29.The trade below $75.80 (-2 tics per/hour) has brought in $13.37 of pressure so far. The decent trade below $75.30-40 projects this downward $4 minimum, $9 (+) maximum, we have attained $12.87.These are OFF HOLD. The break back above $64.84-43 warned of strength before (if) resuming lower trade—we saw $8.50 of strength, but I would no longer be looking for more. The maintained gap higher on 12/7 left a moderate bullish reversal below, but the decent trade back below $69.43 negated this and warns of renewed pressure. I warned this did not go out strong on the day—we came off $4.04 before short covering off the low. A maintained gap lower will leave a moderate bearish reversal above. Decent trade above $72.10 (-1.5 per/hour) should bring in decent strength.
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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