Crude Oil is Overall Bullish 6/3/21
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $54.03 from that open at $15.37 in the (M). On 5/5/20 we left a medium-term bullish reversal below. We have seen $46.32 from $23.08. We held exhaustion below with a $34.04 low and rallied $35.36. On 11/3/20 we left a short-term bullish reversal below that warned of strength for days. We have seen $30.95 of this so far. On 11/16/20 we left a short-term bullish reversal below. We have seen $27.08 The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $24.10 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $21.51 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $17.27 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 $14.25. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $11.38.The trade above $59.50 brought in $9.90 of strength.
On a short-term basis: The decent trade back above $64.73-98 (+.8 of a tic per/hour) warned of decent renewed strength toward $67.00(+).We have seen $4.42 so far, taking out $67.00.I warned on 5/21 this was poised for higher trade—we have seen $6.33 so far. On 5/24, we left a short-term bullish reversal below. We have seen $4.69.The break above $68.87 and back below failed to see much pressure before resuming higher trade. Trade below $67.52-39 will warn of pressure. Decent trade below $65.98-97 should bring in decent pressure, likely for days. Decent trade below $68.64 (+2.7 tics per/hour starting at 9:00am) will put this below a steep formation that will warn of pressure; but if we break below here decently and back above decently, look for decent renewed strength.
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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