Crude Oil is Bullish 7/12/21
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 trade above $52.24 (+.5 of a tic per/hour) has brought in $24.74 of the strength warned about above. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $18.96. These are ON HOLD.
On a short-term basis: I warned on 5/21 this was poised for higher trade—we have seen $13.91. These are ON HOLD. Decent trade below $73.71 (+1.2 tics per/hour) brought in $2.95 of the decent pressure warned about. This is ON HOLD. The decent trade back above $72.57, warned of decent renewed strength. We have seen $2.36 of this so far. If we further break above the $74.60 (+1.2 tics per/hour starting at 9:00am) line decently, I would look for continued strength. The maintained gap higher also warns of strength—however, after trading slightly higher on the re-open, we have come off steadily and are trading down in the gap. Decent trade below $73.00 will negate the bias from the gap. Today has a good likelihood of seeing range expansion.
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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