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Crude Poised for Higher Trade Within Consolidation 9/24/20


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 (X).On 5/5 we left a medium-term bullish reversal below that warned of higher trade for days/weeks.We have seen $15.49 of this so far, rolled into (X).These are ON HOLD. I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.88 projects this upward $12.45 (+), of which we have attained $7.17 so far, but will not be negated until this trades $33.76; and 2.) on the way up there are major areas of possible exhaustion to contend with which come in at $44.08, $46.69-8.71 and higher.


On a short-term basis:The decent trade below $43.63 brought in $6.95 of decent pressure. Trade below $42.83 (+.5 of a tic per/hour) has brought in $6.25 of pressure.These are ON HOLD. Within the bearish moves we held a macro exhaustion area with a $36.60-58 low and rallied $5.12. However, I noted we had a lower time frame possible exhaustion area to contend with on the way up that came in at $41.63.We basically held this with a $41.72 high and rolled over $2.85 before rejecting out of the gap below.The break above $39.69 (+1.2 tics per/hour) warns of short covering near term. A decent (see note below) break above $38.57 (-1 tic per/hour starting at 9:00am) should bring in additional strength; but if we break above here decently and back below decently, look for renewed pressure to come in. A decent trade above the $41.70-76 line (which was a major breakdown line for the move down) should bring in decent strength and a likely run toward $44.00 (+).


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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