Crude Still Short Term Bearish, but Unleaded has Resumed Bullishness and Crude Will Likely Follow
Directional Opinion: We settled in a bull leg technically, but I would override this for now. Settlement below $52.27 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 for days—we have seen $38.95 from that open at $14.98 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $30.85 from $23.08. These roll into (H) and are ON HOLD.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $19.89. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $15.28 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $11.60. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $8.72 of this. The decent break back above $47.92 (+.3 of a tic per/hour) has brought in $6.01 of the decent renewed strength warned about above. These roll into (H). These roll into (H) and are ON HOLD. The decent trade below $52.67 (+1.2 tics per/hour) projects this downward $1.30 minimum, $1.90 (+) maximum; but I stopped short of suggesting leaning against this as a short. However, if we break back above decently, I would get long above and look for decent renewed strength to come in. This will come in at $53.18 (+1.2 tics per/hour starting at 9:00am). NOTE: RBOB (Unleaded Gas) has violated its equivalent bearish formation on the upside, which warns Crude may follow suit.
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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