Crude Under Pressure Again 7/8/20
On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength, possibly for days—we have seen $21.14 of this so far.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. The decent trade above $38.63 (-1 tic per/hour) projects this upward $1.40 minimum, $3.55 (+) maximum.We have seen $3.00 before the bull projections were put ON HOLD.This may be in a bearish correction against the move up from $20.28, but we have been traveling higher within this the past week, and I would note that the Heat negated a similar pattern.
On a short-term basis:We broke below a minor, but well-formed line at $40.44 (+1.4 tics per/hour) that currently has this under pressure.This will come in at $40.91 (+1.4 tics per/hour starting at 9:00am).A decent break below $39.64 (+1 tic per/hour starting at 9:00am) will project this downward $2 minimum, $7 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in. 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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