Crude Oil is Bearish Within Consolidation 10/29/21
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). 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. NOTE: the sustained trade above $76.90-98 warns of $70 to the upside over the next 18 months, although at the same time we may be in the final stretch of this bull structure—so we may see a bearish correction along the way. All of the above are ON HOLD.
On a short-term basis: The decent trade below $82.92 (+1.7 tics per/hour) has brought in $2.34 of the $2.70 (+) we are looking for below. If we break back above decently, look for decent strength and likely run for the highs (+). This will come in at $83.58 (+1.7 tics per/hour starting at 9:00am). WARNING: The Z/Z broke above the formation above, which warns we may see strength in the outright—if it fails we should see pressure. Decent trade above $82.84 (-2.7 tics per/hour starting at 9:00am) Friday should bring in renewed strength; but if we break above here decently and back below decently, look for decent pressure.
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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