Crude Oil (Q) is Overall Bullish 6/18/21
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $57.62 from that open at $15.37 in the (N). We took out a major trendline at $55.15, which warned of significant strength in the weeks/months ahead. We have seen $17.84.The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $14.97.The trade above $59.50 brought in $13.49 of strength. All of the above roll into (Q) and are ON HOLD.
On a short-term basis: The decent trade back below $72.11 (+1.3 tics per/hour) warned of pressure. We have seen $2.57 of this so far. Decent trade below $69.87 (+1 tic per/hour starting at 9:00am) should bring in decent pressure; but if we break below here decently and back above decently, look for decent short covering 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/Bitcoin 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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