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. 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 bull calls are ON HOLD.
On a short-term basis: We left a significant bearish reversal above on 11/26 which warned of lower trade in the days/weeks ahead in general. This is in a macro bearish correction. The decent trade below $78.72 (+1 tic per/hour) projects this downward $2.10 minimum, $6.50 (+) maximum. We have attained $16.29. The trade below $75.80 (-2 tics per/hour) has brought in $13.37 of pressure so far. The decent trade below $75.30-40 projects this downward $4 minimum, $9 (+) maximum, we have attained $12.87. These are ON HOLD. The break back above $64.84-43 warned of further strength before (if) resuming lower trade—we saw $8.50 of strength so far. The maintained gap higher Tuesday left a moderate bullish reversal below that warns of decent strength, likely for days. Decent trade below $69.63 will negate this. Decent trade above $71.82 (-1 tic per/hour starting at 9:00am) should bring in decent strength. HOWEVER, I would CAUTION we are holding lower timeframe exhaustion at $72.93-3.13. Trade below $69.47-22 will warn of pressure. Today has a greater 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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