Crude Oil Poised for Much Higher Trade in General 2/8/21
Directional Opinion: We settled in a bull leg. Settlement below $53.55 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 $42.70 from that open at $15.37 in the (M).On 5/5 we left a medium-term bullish reversal below. We have seen $34.59 from $23.08.I would be aware we took out a major trendline at $55.15, which now warns of significant strength in the weeks/months ahead, with a good likelihood of a run for $65.60 (++). There are also two higher lines, coming in at $57.48-8.05, and $60.99.Taking out the lower of these solidly will project this upward $56 minimum, $110 (+) maximum—the minimum could be attained within as little as 10 months.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $23.53. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $19.22 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $15.35.The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $12.47 of this. The decent break back above $47.92 (+.3 of a tic per/hour) has brought in $9.78 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $5.43 of the strength warned about above. The decent trade above $53.94 warns of continued strength. We have seen $4.58 of this so far.
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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