Crude Oil Projected Lower 9/8/20
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 (V).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 (V). I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.46 projects this upward $13.20 (+), of which we have attained $7.20 so far, but will not be negated until this trades $33.15; and 2.) on the way up there are major areas of possible exhaustion to contend with which come in at $46.19-43 and higher. The above Macro bullish projections are ON HOLD.
On a short-term basis:The decent trade below $43.25 warned of decent pressure. We have seen $5.07 so far.Trade below $42.83 (+.5 of a tic per/hour) has brought in $4.65 of the pressure warned about below.The decent trade below $42.48-43 has brought in $4.24 of the pressure warned about below.
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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