Crude Oil Testing Near Stops Above Key Formation, Heat has Already Turned Bullish 5/24/21
On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $52.61 from that open at $15.37 in the (M). On 5/5/20 we left a medium-term bullish reversal below. We have seen $44.90 from $23.08. We held exhaustion below with a $34.04 low and rallied $33.94. On 11/3/20 we left a short-term bullish reversal below that warned of strength for days. We have seen $29.53 of this so far. On 11/16/20 we left a short-term bullish reversal below. We have seen $25.66. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $22.68 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $20.09 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $15.85 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength in the weeks/months ahead, with a good likelihood of a run for $65.60 (++). We have seen $12.81. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $9.96.The trade above $59.50 brought in $7.61 of strength. These are ON HOLD. I noted we were likely in the last stretch from $30.00 upward and the failure back below $66.67-63 warns of early termination entry into a macro bearish correction. We have seen $5.07. However, see below.
On a short-term basis: The decent trade below $64.32-09 (+.8 of a tic per/hour) projects this downward $1.50 minimum, $2.45 (+) maximum. We attained $2.49 so far before short covering off the low. If we break back above decently, look for decent renewed strength and take bull calls OFF HOLD. This will come in at $64.71-92 (+.8 of a tic per/hour starting at 9:00am). I warned we are now in a lower timeframe bullish correction/trend against the move down from $67.02, that will likely bring in upward consolidation which could still be capped below the formation above, before (if) resuming lower trade. A maintained gap higher will leave a short-term bullish reversal below. NOTE: the Heating Oil has already violated a bearish pattern above, warning of a run for the highs (+), which may be a harbinger of what we may see in the rest of the complex.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold/Bitcoin 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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