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Crude Oil is Bearish Within Overall Bullishness 2/18/21


On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $46.92 from that open at $15.37 in the (M).On 5/5 we left a medium-term bullish reversal below. We have seen $39.21 from $23.08.I would be aware we took out a major trendline at $55.15, which warns of significant strength in the weeks/months ahead, with a good likelihood of a run for $65.60 (++).We have seen $7.12 of this so far. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum—the minimum could be attained within as little as 10 months. We have attained $4.27 so far. All the above bull formations are now ON HOLD. The solid trade above $60.80 only brought in $1.49 of strength before failing back below, which now warns of solid pressure. If we break solidly back above where this comes in at $60.78, this will take the bull calls OFF HOLD.


On a short-term basis: We held exhaustion below with a $34.04 low and rallied $28.25. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $23.84 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $19.97.The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $17.09 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $14.40 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $10.15 of the strength warned about above. The decent trade above $53.94 warned of continued strength. We have seen $9.20 of this so far. All the above bull formations are now ON HOLD. The decent trade below $60.50-63 (+2.7 tics per/hour) now warns of pressure. Decent trade back above where this comes in at $60.85-99 (+2.7 tics per/hour)should bring in decent short covering. 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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