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Crude Oil Overall Bearish, but Unleaded has Short Covering Bias 11/2/20


On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we saw $21.14 of this, rolled into (Z).On 5/5 we left a medium-term bullish reversal below that warned of higher trade for days/weeks.We have seen $15.49 of this so far, rolled into (Z).These are ON HOLD. I NOTED: that there were two major pictures being played out: 1.) the decent break above $36.88 projected this upward $12.45 (+)—we only attained $7.17 before negating the formation Sunday evening when we traded $33.76; and 2.) on the way up there are major areas of possible exhaustion to contend with which come in at $44.08 (the high of (X) was $44.05), $46.69-8.71 and higher.We have rolled over $10.44 from the (X)peak.On 10/24 we left a medium- term bearish reversal above, which warned of pressure for days/weeks—we have seen $5.17 of this.The decent trade below $37.43-41 projects this downward $4.60 minimum, $7.70 (+) maximum.We have attained $3.77 of this so far.


On a short-term basis:The trade below $41.37-38 has brought in $7.73 of pressure. The trade below $40.84-75 has brought in $7.11 of the $1.80 (+) maximum.The decent trade below $39.94-86 projects this downward $1.20 minimum, $2.15 (+) maximum.We have seen $6.22 of this so far.There will be possible exhaustion to contend with on the way down at $33.97-86, $32.77-58, and lower.We basically held the upper of these Sunday with a $33.64 low and rallied $1.48. 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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