CRUDE OVERALL BULLISH, BUT LIKELY IN BEARISH CORRECTION AGAINST MOVE UP NOW 5/22/20
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 $9.63 of this so far.These are now ON HOLD.
On a short-term basis:On 4/29 we left a bullish reversal below that warned of renewed strength, possibly for days—we have seen $15.43 of this so far.The decent trade above $26.72 (-.8 of a tic per/hour) warned of decent strength—we have seen $7.94 of this so far. These are now ON HOLD. I cautioned we are were trading in the midst of a possible exhaustion area for the move up from $17.27 at $33.80-5.09.We held this yesterday with a $34.66 high and have rolled over $3.94 into a likely bearish correction/trend against the move up. Areas of possible exhaustion for the correction come in at $29.93-71 (minor, likely temporary), $28.42-02, $25.98-96, and lower.A maintained gap lower today will leave a short-term bearish reversal above.Trade above $34.66 will take the bull calls off hold, but also warn we will be in another likely final stretch of the bull trend.
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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