On a higher time frame 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 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 $3.79 before short covering off the low.
On a lower time frame basis:Trade above $40.47-55 is a sign of strength; but if we break above here and back below, look for profit taking to come in. Decent trade above $41.31 (-.5 of a tic per/hour starting at 9:00am) will warn of decent strength; but this could use a rejection off of the line initially for better form.
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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