CRUDE OIL STILL POISED FOR HIGHER TRADE 5/11/20
For the JULY contract: On 4/29 we left a short-term bullish reversal below that warned of renewed strength, possibly for days—we have seen $8.75 of this so far.On 5/5 we left a medium-term bullish reversal below that warns of higher trade for days/weeks.We have seen $2.95 of this so far.On the day this warns of short covering if we can’t take out $24.94 to maintain downside momentum.Decent trade back below $22.89 will negate the medium-term bullish reversal and warn of a run for the $17.30 (-) area again (although this would not be a projection, but a likelihood).
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.