Crude Oil is Bearish Within Overall Bullishness 5/10/21
On a macro basis: On 4/29/20 we left a bullish reversal below that warned of renewed strength for days—we have seen $52.61 from that open at $15.37 in the (M). On 5/5/20 we left a medium-term bullish reversal below. We have seen $44.90 from $23.08. We held exhaustion below with a $34.04 low and rallied $33.94. On 11/3/20 we left a short-term bullish reversal below that warned of strength for days. We have seen $29.53 of this so far. On 11/16/20 we left a short-term bullish reversal below. We have seen $25.66. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $22.68 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $20.09 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $15.85 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength in the weeks/months ahead, with a good likelihood of a run for $65.60 (++). We have seen $12.81 of this so far, taking out $65.60 before rolling over. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We attained $9.96 before rolling over and bouncing off of it twice. These are ON HOLD.
On a short-term basis: We held exhaustion below at $57.35-26 with a $57.29 low and bounced $9.47 into a bullish trend. The decent trade above $59.50 (-1.4 tics per/hour) brought in $7.26 of strength. The decent trade above $61.84 (+1 tic per/hour) has brought in $4.92 of the strength warned about. These are ON HOLD. I warned the $66.71-7.68 general area is an area of possible lower time frame exhaustion. We held $66.71 with a $66.76 high and have rolled over $2.84 so far. We also broke below a formation at $66.04-5.94, which warned of decent pressure—I expected a move down toward $64.00 (-). We have seen $2.04 so far, trading down to $63.90 before bouncing off the trendline below. The decent break below $64.68 also warns of decent pressure, but this was negated by the spike after the pipeline news. I said in the Post Market Synopsis that this did not go out looking weak on the day—we rallied 85 tics before rolling over.
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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