Crude Oil is in Downward Consolidation Within Overall Bullishness 11/08/21
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. All of the above are ON HOLD.
On a short-term basis: The decent trade below $83.35 (+3 tics per/hour) warned of decent pressure. We have attained $5.10 so far. The decent trade below $82.60 (+1.7 tics per/hour) projects this downward $2.90 minimum, $5.20 (+) maximum. We attained $4.35 before short covering off the low. However, the break above $76.69-$80.17 has been bringing in some of the short covering warned about against the move down. I warned in the Post Market Synopsis that today may see range expansion. (NOTE: I would be watching how RBOB reacts around the line just above).
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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