Crude Poised for Short Covering Within Consolidation 7/29/20
On a higher timeframe 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 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 at $42.51 and rolled over $2.03.This is now ON HOLD .
On a lower timeframe basis:The decent trade above $41.02 has brought in 91 tics of the short covering we are now looking for above. This will come in at $41.37 (+1 tic per/hour starting at 9:00am).Decent trade above $41.71 (-.5 of a tic per/hour starting at 9:00am) should bring in continued strength.I warned in the Post Market Synopsis that today has a good likelihood of being a range expansion day.
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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