Crude Oil Seeing Short Covering Warned About 5/12/22
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $115.13 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $107.05 from $23.45. We held exhaustion below with a $34.04 low and rallied $96.46. The trade above $45.21 warned of renewed strength—we have seen $85.29 of this. The trade above $52.24 has brought in $78.26 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength. We have seen $75.35.The break above $57.45-8.02 projects this upward $56 minimum, $101 (+) maximum. We have attained $72.48. The sustained trade above $76.90-98 warned of $70 to the upside over the next 18 months. The trade above $80.03 brought in $50.47.The trade above $84.58-82 brought in $45.68. The trade above $89.36 brought in $41.14.The trade above $93.05 brought in $37.45.
On a shorter-term basis: The trade below $106.82 (-.6 of a tic per/hour) has brought in $8.62 of the pressure warned about so far before short covering off the low. I noted yesterday morning that this warned of decent short covering—we saw $5.84 from yesterday's open and may yet see more. This will come in at $106.39 (-.6 of a tic per/hour starting at 8:00am). Decent trade below $100.15 (+1.4 tics per/hour starting at 8:00am) will project this downward $6.50 minimum, $34 (+) maximum.
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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