Crude Poised for Lower Trade 9/2/20
On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength, possibly for days—we saw $21.14 of this, rolled into (V).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 (V).These are now ON HOLD.I
On a short-term basis:The decent trade below $43.25 warned of decent profit taking. We have seen $1.04 of this so far. Trade below $42.83 (+.5 of a tic per/hour) put this below a minor formation that also warns of pressure.Decent trade below $42.48-43 should bring in continued pressure. Decent trade above $43.33 (-.4 of a tic per/hour starting at 10:00am) will project this upward $1.00 minimum, $2.30 (+) maximum based off an ‘ok formed’ pattern. Decent trade above $44.28-30 will project this upward $2.40 minimum, $5.90 (+) maximum; but if we break above here decently and back below decently, look for decent pressure.
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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