Crude Oil is Bearish, but a Maintained Gap Higher Will Leave a Minor Bullish Reversal Below 8/23/21
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $61.61 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $53.53 from $23.45. We held exhaustion below with a $34.04 low and rallied $42.94. On 11/3/20 we left a short-term bullish reversal below that warned of strength for days. On 11/16/20 we left a bullish reversal below. We have seen $34.66. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $29.06 of the decent renewed strength warned about above. We took out a major trendline at $55.15, which warned of significant strength in the weeks/months ahead. We have seen $21.83.The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $18.96. The trade above $59.50 brought in $17.48 of strength. I warned on 5/21 this was poised for higher trade—we have seen $13.91.
On a short-term basis: I warned on 8/12 this warned of pressure, again on 8/13, and on 8/16 that we left a short-term bearish reversal above. We have come off $7.43 from the 8/12 close. The decent trade below $65.63-62 now projects this downward $2.10 minimum, $9.40 (+) maximum. We have attained $4.25; but if we break back above decently, look for decent renewed strength (and possible run for the highs again). This will come in at $65.77 today. We are now likely in a macro bearish correction/trend against the move up from the lows of April 2020—if a correction, the ideal timeframe for a corrective exhaustion to hold would not be until after December 14th, prior to which exhaustion levels will likely only provide temporary support. Areas of possible exhaustion come in at $61.99, $58.83-6.89, $53.01, $49.75-6.61, and lower. NOTE: I would keep an eye on the Heating Oil. A maintained gap higher will leave a minor bullish reversal below.
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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