Crude Oil Overall Bullish, but in Consolidation 11/30/20
On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $31.28 from that open at $14.98 in the (M).On 5/5 we left a medium-term bullish reversal below.We have seen $23.18 from $23.08. Although on the short-term basis mentioned below, we have been in a bull structure, I would also note that this may be within a very macro bullish correction against the move down from $68.27 in October of 2018.If so, we have entered into the ideal time window for a macro corrective area to hold--the two main nearby areas come in at $47.24-44 and $51.11-52.41, so I would monitor these on the way up.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $12.22. This may be in a final stretch of the move up from $34.04, with possible exhaustion areas above at $45.96-6.07, $48.18-21, and higher.We basically held the lower of these Wednesday with a $46.20 high and rolled over $1.78.There is the possibility we could be in a more macro bullish trending structure as well, and if so, this would be the middle stage of it--so I would maintain bull biases in general and monitor the exhaustion areas. Trade back below $45.59-22 will warn of pressure, likely significant. I warned today has a good likelihood of being a range expansion day—we have already exceeded Friday’s range on Globex.
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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