Crude Oil is Poised for Lower Trade Within Overall Bullishness. 7/2/21
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $60.85 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $52.77 from $23.45. We held exhaustion below with a $34.04 low and rallied $42.18. On 11/3/20 we left a short-term bullish reversal below that warned of strength for days. We have seen $37.77 of this so far. On 11/16/20 we left a bullish reversal below. We have seen $33.90. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $31.01 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $28.30 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $23.98 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. We have seen $21.07.The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $18.20.The trade above $59.50 brought in $16.72 of strength. These are ON HOLD.
On a short-term basis: I warned on 5/21 this was poised for higher trade—we have seen $13.15.On 5/24, we left a bullish reversal below. We have seen $11.51.The decent trade back above $64.73-98 (+.8 of a tic per/hour) warned of decent renewed strength--we have seen $11.44.These are ON HOLD. The decent trade above $75.53 (+1 tic per/hour) and back below, now warns of decent pressure. This will come in at $75.76 (+1.3 tics per/hour starting at 9:00am).This can also be drawn to come in at $75.18 (+1 tic per/hour starting at 9:00am), which we have not broken below decently yet—a decent break below which will give the downside added confirmation. A maintained gap lower will leave a small bearish reversal above. Decent trade below $72.90 (+1.2 tics per/hour starting at 9:00am) will project this downward $3.60 (+).
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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