Crude Oil is Bullish and Testing Exhaustion Again 1/4/22
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $70.04 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $61.96 from $23.45. We held exhaustion below with a $34.04 low and rallied $51.37. The decent trade above $45.21 warned of renewed strength—we have seen $40.20 of this. The decent trade above $52.24 has brought in $33.17 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength. We have seen $30.26.The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $27.39.The trade above $59.50 brought in $25.91 of strength. The sustained trade above $76.90-98 warned of $70 to the upside over the next 18 months—this outlook would be negated with trade at $59.30, although I warned at the same time, we were likely in the final stretch of this bull structure and may now be in a bearish correction against this before (if) resuming higher trade. All the above are ON HOLD.
On a short-term basis: The decent trade below $78.72 (+1 tic per/hour) has brought in $16.29 of pressure. This is ON HOLD. We have seen $8.83 of higher trade from the 12/17 close at $68.61.The maintained gap higher on 12/18 left a minor bullish reversal below—we have seen $7.96 from the $69.48 open. The trade above $71.36 (-1.5 per/hour) projects this upward $5.20 minimum, $13.20 (+) maximum. We have attained $6.08. However, I warned there is one key possible exhaustion area to contend with on the way up at $76.97-7.56—we held this again with a $77.44 high and rolled over $3.17—if we see follow through this has the potential to start a new bearish structure.
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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