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). The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $27.39. NOTE: the sustained trade above $76.90-98 warns of $70 to the upside over the next 18 months, although at the same time we may be in the final stretch of this bull structure—so we may see a bearish correction along the way.
On a short-term basis: The trade above $65.80-85 brought in $19.56 of strength. Decent trade below $80.33 (+1 tic per/hour starting at 6:00pm) will warn of decent pressure; but if we break below here decently and back above decently, look for decent short covering. We will contend with possible exhaustion on the way down at $77.81, $76.44-16, $74.10-3.30.
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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