Crude Oil Overall Bullish, but Broke Below Small Topping Formation 1/15/21
Directional Opinion: We settled in a bull leg. Settlement below $52.24 will start this in a bear leg. On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $38.95 from that open at $14.98 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $30.85 from $23.08.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $19.89. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $15.28 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $11.60. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $8.72 of this. The decent break back above $47.92 (+.3 of a tic per/hour) has brought in $6.01 of the decent renewed strength warned about above. Decent trade below $52.58 (+1 tic per/hour starting at 9:00am) will put this below a small topping formation that will project this downward $1.40 minimum, $2.00 (+) maximum. However, this is not a high confidence formation, and I will stop short of suggesting leaning against it as a short (the Brent equivalent is better formed); but if we break below decently and back above decently, I would get long above it and look for decent renewed strength to come in. Decent trade above $53.72-74 will project this upward $1.20 minimum, $2.40 (+) maximum based off an ‘ok formed’ formation; but if we break above here decently and back below decently, look for decent pressure to come in.
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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