CRUDE OVERALL BULLISH, BUT SHORT TERM BEARISH 6/10/20
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 $15.41 of this so far. This is 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 $21.06 of this so far. This is now now ON HOLD as well. We broke below a ‘just ok’ formed, steep, minor bearish formation at $38.62 (+4 tics per/hour) Monday that projected this downward $1.50 (+). We have seen $1.55 of this so far before short covering off the low. This comes in at $40.54 (+4 tics per/hour starting at 9:00am). Decent trade back above should bring in decent renewed strength and will reestablish bull calls.
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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