Crude Oil is Bullish Within Consolidation 2/1/21
Directional Opinion: We settled in a bear leg. Settlement above $52.77 will start this in a bull leg. On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $38.95 from that open at $14.98 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $30.85 from $23.08. These are OFF HOLD.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $19.89. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $15.28 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $11.60. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $8.72 of this. The decent break back above $47.92 (+.3 of a tic per/hour) has brought in $6.01 of the decent renewed strength warned about above. These are OFF HOLD. Decent trade below $52.26 (+.5 of a tic per/hour starting at 9:00am EST) should bring in renewed pressure but if we break above decently, look for decent short covering to come in. Decent trade below $50.25 (+.6 of a tic per/hour starting at 9:00am) will project this downward $5.60 (+). Decent trade above $53.11-13 will warn of renewed strength; but if we break above here decently and back below decently, look for decent pressure to come in.
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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