Crude Oil is Overall Bullish, but Seeing a Pullback Within 2/26/21
On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $48.44 from that open at $15.37 in the (M).On 5/5 we left a medium-term bullish reversal below.We have seen $40.73 from $23.08.I would be aware 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 $8.64 of this so far.The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum—the minimum could be attained within as little as 10 months.We have attained $5.79 so far.
On a short-term basis:We held exhaustion below with a $34.04 low and rallied $29.77. On 11/3 we left a short-term bullish reversal below that warned of strength for days.We have seen $25.36 of this so far.On 11/16 we left a short-term bullish reversal below.We have seen $21.49.The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $18.61 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $15.92 of the decent renewed strength warned about above.The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $11.67 of the strength warned about above.The decent trade above $53.94 warned of continued strength.We have seen $10.72 of this. Decent trade below $60.18 (+1 tic per/hour starting at 9:00am) will project this downward $3.80 minimum, $3.65 (+) maximum.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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