Crude Oil Still Poised for Higher Trade 11/9/20
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 (Z). 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 (Z). These are ON HOLD. NOTE: On the way up there was a major area of exhaustion warned about at $44.08. The high of (X) was $44.05, and we rolled over $10.44. This too is ON HOLD. Decent trade above $41.06-14 will warn of continued higher trade, possibly for days/weeks, but if we break above here decently and back below decently, look for decent renewed pressure to come in. This line will move down 3 tics per/day.
On a short-term basis: I warned there was a possible exhaustion area to contend with on the way down at $33.97-86. We basically held this with a $33.64 low and rallied $7.69. The maintained gap higher on 11/3 also left a short-term bullish reversal below that warned of short covering, likely for days. The decent trade back above $37.47 warned of continued strength to come in, with a good likelihood of heading back up toward $41.90 (+)—although this is not a projection. We have seen $3.86 of this so far trading up to $41.33. I would note that there was a Pfizer vaccine trial 'success'…
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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