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Crude Poised for Profit Taking 7/20/20


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, and it rolls 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).The decent trade above $26.72 (-.8 of a tic per/hour) warned of decent strength—we have seen $14.67 of this, rolled into (U). These are ON HOLD. I would NOTE: that in the (U) contract there are two major pictures being played out: 1.) the decent break above $36.15 projects this upward $14.15 (+), but will not be negated until this trades $32.60; and 2.) on the way up there are major areas of possible exhaustion to contend with if this is a corrective move against the move down from $61.44 to $21.99 which come in at $41.71-2.45, $46.37-72 and higher—the lower of which we held on with a $41.74 high on 6/23.


On a short-term basis:The decent trade below $40.53-52 warns of renewed pressure. Decent trade back above will negate the bias. Decent trade below $40.01-39.99 will project this downward $1.90 minimum, $6.60 (+) maximum.


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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