Crude Oil is Projected Lower 7/19/21
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $61.61 from that open at $15.37 in the (N20). On 5/5/20 we left a medium-term bullish reversal below. We have seen $53.53 from $23.45. We held exhaustion below with a $34.04 low and rallied $42.94. On 11/16/20 we left a bullish reversal below. We have seen $34.66. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $24.74 of the strength warned about above. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $18.96. The decent trade back above $64.73-98 (+.8 of a tic per/hour) warned of decent renewed strength--we have seen $12.20. All of the formations above are ON HOLD.
On a short-term basis: The decent trade below $71.24 (+.5 of a tic per/hour) should bring in decent pressure that could further this into a deeper correction/trend. We have seen $1.90 from the line so far. If we break back above decently, look for decent renewed strength to come in, with a likely run toward $76.05 (+).We are called $2.10 lower as of 6:16am—although this is obviously a fairly large bearish opening call, the fact it is coming after Friday’s break suggests a good likelihood of acceleration to the downside.
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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