On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we saw $21.14 of this, rolled into (V). This is ON HOLD.I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.46 projects this upward $13.20 (+), of which we have attained $7.20 so far, but will not be negated until this trades $33.15; and 2.) on the way up there are major areas of possible exhaustion to contend with which come in at $46.19-43 and higher.
On a short-term basis:The decent trade below $43.25 warned of decent pressure. We have seen $7.12 so far.This is ON HOLD. Within the bearish moves I cautioned we have possible macro exhaustion areas below to contend with that come in at $36.11-.35.94, $33.52-2.55, and lower. We held the upper of these with a $36.13-16 low and rallied $4.17.The maintained gap higher yesterday left a short-term bullish reversal below that warns of decent strength, possibly for days.Decent trade above $41.01-03 should bring in continued strength, and likely run toward $43.75 (+).Decent trade below $38.57 will negate the bullish reversal below and should bring in decent pressure, likely back down toward $36.13 (-).
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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