Crude Oil (WTI) is Bullish 5/26/21
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 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. These are OFF HOLD. I noted we were likely in the last stretch from $30.00 upward and the failure back below $66.67-63 warned of early termination entry into a macro bearish correction. We only saw $5.07 of this before short covering back above the formation mentioned below, so this is now ON HOLD.
On a short-term basis: The decent trade back above $64.73-98 (+.8 of a tic per/hour) warns of decent renewed strength toward $67.00(+).We have seen $1.53 so far. I warned Friday morning we are in a lower timeframe bullish correction/trend against the move down from $67.02, that will likely bring in upward consolidation—we have seen $3.44 so far. Monday, we left a short-term bullish reversal below. Decent trade below $64.07 will negate this and warn of renewed pressure and put the higher timeframe bearish reversal back in play. I noted in the Post Market Synopsis that on the day itself this warns of pressure before (if) resuming higher trade if we cannot take out $66.51 to maintain upside momentum--we came off 81 tics before resuming higher trade. I also warned today has a good likelihood of seeing range expansion--we have already exceeded yesterday's range.
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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