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 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 again yesterday with a $42.51 high and rolled over $1.36.
On a short-term basis:Decent trade below $41.25-24 should bring in decent pressure.Decent trade below $40.39-33 (+.8 of a tic per/hour starting at 9:00am) will project this downward $2.30 minimum, $6.60 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in.I said in the Post Market Synopsis that on the day this warns of profit taking before (if) resuming higher trade if we cannot take out $42.51 to maintain upside momentum—we have seen 77 tics of this. A maintained gap lower today will leave a short-term bearish reversal above that will warn of 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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