Crude oil is overall bullish, but coming in weak on the day 3/8/21
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On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $52.61 from that open at $15.37 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $44.90 from $23.08. We held exhaustion below with a $34.04 low and rallied $33.94. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $29.53 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $25.66. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $22.68 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $20.09 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $15.85 of the strength warned about above. The decent trade above $53.94 warned of continued strength. We have seen $14.89 of this. I would be aware we took out a major trendline at $55.15, which warned of significant strength in the weeks/months ahead, with a good likelihood of a run for $65.60 (++). We have seen $12.81 of this so far, taking out $65.60. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum—the minimum could be attained within as little as 10 months. We have attained $9.96 so far.
On a short-term basis: The break below $59.45 and back above has brought in $8.53 of the strength warned about, starting this in a new bull structure. The decent trade above $61.83 (-1 tic per/hour) has brought in $6.15 of the $1.40 minimum, $2.70 (+) maximum we are looking for above. The fact we have backed off the overnight high so much is a sign of weakness coming out of the gate today even though we are still trading higher. A maintained gap lower will leave a short-term bearish reversal above.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold and Energy complex. 'Decent penetrations' are specific amounts and provided to clients daily as well. If you are interested, please feel free to reach out.
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