Crude oil is bullish and on verge of breaking above another key formation 7/23/21
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On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $61.61 from that open at $15.37 in the (N20). On 5/5/20 we left a medium-term bullish reversal below. We have seen $53.53 from $23.45. We held exhaustion below with a $34.04 low and rallied $42.94. On 11/16/20 we left a bullish reversal below. We have seen $34.66. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $24.74 of the strength warned about above. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $18.96. The decent trade back above $64.73-98 (+.8 of a tic per/hour) warned of decent renewed strength--we have seen $12.20. All of the formations above are ON HOLD.
On a short-term basis: I warned the decent trade below $71.24 (+.5 of a tic per/hour) should bring in decent pressure that could further this into a deeper correction/trend. We have seen $6.23 so far, but this is now ON HOLD. I warned in the Post Market Synopsis Tuesday that this warns of further short covering, and Wednesday said we left a small bullish reversal below—we have rallied $4.91. Decent trade above where the breakdown line comes in at $71.84 (+.4 of a tic per/hour starting at 1:00pm) will warn of continued strength, with a decent likelihood (although not a projection) toward $76.05 (+). Decent trade above here will also take the macro bull calls OFF HOLD. Decent trade below $67.47 will negate the small reversal below and warn of renewed pressure.
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NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold/Bitcoin 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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