Crude Oil is Overall Bullish 10/18/21
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $67.73 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 $25.08.The trade above $59.50 brought in $23.60 of strength. NOTE: the sustained trade above $76.90-98 warns of another $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.These all roll into the (Z) contract.
On a short-term basis: The decent trade above $65.80-85 has brought in $17.25 of strength so far. The decent trade above $76.76 has brought in $6.34 of renewed strength. The decent trade above $78.48 has brought in $4.62 of renewed strength. On 10/7 the maintained gap higher left a minor bullish reversal below—we have seen $3.93 so far from the $79.17 open. The decent trade above $80.67 (-2 tics per/hour) has brought in $2.43 of strength. These all roll into the (Z) contract. Decent trade below $79.42 (-1.3 tics per/hour starting at 9:00am) will warn of renewed pressure. I warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion—we have already exceeded Friday’s range.
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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