Crude Oil Still Poised for Higher Trade, but Watching Exhaustion Levels 12/18/20
On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $33.82 from that open at $14.98 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $25.72 from $23.08. We may be in a macro correction against the move down from $114.83 in May of 2011. If so, areas of possible exhaustion come in at $47.88-49.26, $57.96-$60.66 and higher. Keeping in mind the macro bull call from RBOB, these may act as temporary resistance on the way up if we trend through them.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $14.76. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $10.54 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $6.74. The decent trade above $42.23 warned of decent renewed strength we have seen $6.57 of this. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $3.59 of this so far. Decent trade below $46.93 (+1 tic per/hour starting at 9:00am) will project this downward $2.20 minimum, $2.35 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in. I warned in the Post Market Synopsis that 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.
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