Crude Oil is Bullish 8/13/21
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 break above $47.92 (+.3 of a tic per/hour) has brought in $29.06 of the decent renewed strength warned about above. We took out a major trendline at $55.15, which warned of significant strength in the weeks/months ahead. We have seen $21.83.The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $18.96. The trade above $59.50 brought in $17.48 of strength. I warned on 5/21 this was poised for higher trade—we have seen $13.91.
On a short-term basis: The maintained gap higher on 8/10 left a small bullish reversal below. Decent trade below $66.79 will negate this and should bring in renewed pressure. I warned in the Post Market Synopsis that on the day this warns of pressure before (if) resuming higher trade if we cannot take out $69.42 to maintain upside momentum—we came off 94 tics before short covering off the low. I also warned 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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