Crude Oil (WTI) Still Overall Bullish 12/10/20
On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $31.70 from that open at $14.98 in the (M).On 5/5 we left a medium-term bullish reversal below.We have seen $23.60 from $23.08.These are ON HOLD.This may be within a very macro bullish correction against the move down from $114.83 in May of 2011.If so, the nearby areas come in at $47.24-44, $51.11-2.41, and higher, so I would monitor these on the way up.
On a short-term basis:We held exhaustion below with a $34.04 low and rallied $12.64. On 11/3 we left a short-term bullish reversal below that warned of strength for days.We have seen $8.42 of this so far.On 11/16 we left a short-term bullish reversal below.We have seen $4.62.The decent trade above $42.23 warned of decent renewed strength we have seen $4.45 of this.The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $1.47 of this so far.This may be in a final stretch of the move up from $34.04, with possible exhaustion areas above for the lower timeframe move upward at $48.18-21, $49.03, and higher. Decent trade above $46.03 (-.5 of a tic per/hour starting at 9:00am) should bring in renewed strength; but if we break above here decently and back below decently, look for decent pressure to come in.
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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