On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $52.61 from that open at $15.37 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $44.90 from $23.08. We held exhaustion below with a $34.04 low and rallied $33.94. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $29.53 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $25.66. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $22.68 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $20.09 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $15.85 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength in the weeks/months ahead, with a good likelihood of a run for $65.60 (++).We have seen $12.81 of this so far, taking out $65.60 before rolling over. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We attained $9.96 before rolling over and bouncing off of it twice now. All the above bull formations are ON HOLD.
On a short-term basis: We saw $8.19 of pressure from the close on 3/15 before holding exhaustion below at $57.35-26 with a $57.25 low and bouncing $5.02 into a bullish correction/trend. Areas of possible exhaustion for the bullish correction (if it is one) come in at $62.52-65, $63.52-76, and higher. We came shy of the lower of these by 12 tics with a $62.27 high and rolled over $4.64. This is ON HOLD. The decent trade above $59.27 (-1.4 tics per/hour) warns of renewed strength within this consolidation; but I would use this more as a guide than a line to lean against as it is not clear cut. I would also WARN that as we have traveled out into this apex over the past week, this increases the likelihood off false breakouts and choppiness in the days ahead. 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 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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