On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we saw $21.14 of this, rolled into (Z). On 5/5 we left a medium-term bullish reversal below that warned of higher trade for days/weeks. We have seen $15.49 of this so far, rolled into (Z). NOTE: On the way up there was a major area of possible exhaustion warned about at $44.08 (the high of (X) was $44.05). We have rolled over $10.44 from the (X) peak. On 10/24 we left a medium- term bearish reversal above, which warned of pressure for days/weeks—we have seen $5.17 of this. These are ON HOLD. The decent trade back above $37.47 warns of continued strength to come in, with a good likelihood of heading back up toward $41.90 (+)—although this is not a projection. We have seen $1.78 of this so far. If this is a corrective structure against the move down from $41.90, there are two areas of possible exhaustion to contend with on the way up at $39.28-37 and $39.95-40.52. If this is not a corrective structure, these may act as temporary resistance. We came shy of the lower of these by 3 tics with a $39.25 high and rolled over 98 tics before short covering off the low.
On a short-term basis: The trade below $41.37-38 brought in $7.73 of pressure. The trade below $40.84-75 has brought in $7.11. The decent trade below $39.94-86 brought in $6.22 of pressure. These are ON HOLD. I warned there was a possible exhaustion area to contend with on the way down at $33.97-86. We basically held this with a $33.64 low and rallied $5.61. The maintained gap higher Tuesday also left a short-term bullish reversal below that warns of short covering, likely for days. Decent trade back below $36.95 will negate this and warn of renewed pressure, likely back toward $33.65 (-).
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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