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Crude Poised for Renewed Strength 8/11/20

Directional Opinion: We settled in a bull leg. Settlement below $41.70 will start this in a bear leg. 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). I would NOTE: that 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 $46.37-72 and higher.

On a short-term basis: The failure below the $41.87 (+2.2 tics per/hour) line projected this downward, but this is now on hold as we violated the near gap lower from Friday with the decent break above $41.84 which now warns of renewed strength. If we break back above where the line comes in at $42.92 (+2.2 tics per/hour starting at 9:00am), look for decent renewed strength to come in. Decent trade below $40.42 (-.6 of a tic per/hour starting at 9:00am) should bring in continued 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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