CRUDE OIL STILL POISED FOR HIGHER TRADE 5/20/20
On a macro basis: On 5/5 we left a medium-term bullish reversal below that warned of higher trade for days/weeks. We have seen $8.07 of this so far.
On a short-term basis: On 4/29 we left a short-term bullish reversal below that warned of renewed strength, possibly for days—we have seen $13.87 of this so far. The decent trade above $26.72 (-.8 of a tic per/hour) warned of decent strength—we have seen $6.38 of this so far. Decent failure back below $28.27 will warn of renewed pressure. Today has a good likelihood of being a range expansion day.
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.