Overall Bullishness on Hold in Crude Oil with Short Term Pressure Bias 12/7/20
On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $31.70 from that open at $14.98 in the (M).On 5/5 we left a medium-term bullish reversal below.We have seen $23.60 from $23.08.These are ON HOLD.This may be within a very macro bullish correction against the move down from $114.83 in May of 2011. If so, the nearby areas come in at $47.24-44, $51.11-2.41 and higher, so I would monitor these on the way up.
On a short-term basis:We held exhaustion below with a $34.04 low and rallied $12.64. On 11/3 we left a short-term bullish reversal below that warned of strength for days.We have seen $8.42 of this so far.On 11/16 we left a short-term bullish reversal below.We have seen $4.62. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $1.47 of this so far.These are ON HOLD. I said in the Post Market Synopsis that the trade back below $46.26 warns of profit taking, and this bias is not negated until we take out $46.68. Decent trade below $45.20 (+1.4 tics per/hour starting at 9:00am) will project this downward $1.85 minimum, $3.10 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in.This may be in a final stretch of the move up from $34.04, with possible exhaustion areas above for the lower timeframe move upward at $46.72-82 (we came just shy of this with a $46.68 high and started to roll over), $47.24-44, $48.18-21, $49.03 and higher.
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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