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 (U). 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 (U).
On a short-term basis: The decent trade above $41.11 (-.6 of a tic per/hour) warned of continued strength. We have seen $2.41 of this. This will come in at $40.70 (-.6 of a tic per/hour starting at 9:00am). If we break back below decently, look for decent profit taking to come in. However, although this is only called 38 tics lower as of 6:40am, this is a weak outlook coming out of the gate given recent structure. A maintained gap lower today will leave a lower timeframe bearish reversal above. Decent trade below $41.87 (+2.2 tics per/hour starting at 9:00am) will project this downward $2.80 (+) based off an ‘ok formed’ formation; but if we break below here decently and back above decently, look for decent short covering to come in. Trade above $42.65 is a sign of renewed strength.
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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