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Crude Oil Short Term Bullish, but Hasn't Negated Short Term Bearish Reversal Above Yet. 12/23/20


On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $34.45 from that open at $14.98 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $26.35 from $23.08. These are ON HOLD. We basically held the $49.26 exhaustion level a $49.43 high and have rolled over $3.18.


On a short-term basis: We held exhaustion below with a $34.04 low and rallied $15.39. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $11.17 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $7.37. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $4.22 of this so far before rolling over. These are ON HOLD. Monday, we left a short-term bearish reversal above that warned we may be headed into a further bearish correction/trend against the move up from $34.50 at the beginning of November. However, the decent break back above $46.75, now warns of short covering within this. The short-term bearish reversal above will be negated with a decent break above $48.63. I warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion—we have already exceeded yesterday’s range on Globex. Decent trade below $46.49-51 should bring in decent pressure and I would not look for a pullback.


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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