Crude oil is bearish, but seeing some short covering within 12/2/21
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On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $70.04 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $61.96 from $23.45. We held exhaustion below with a $34.04 low and rallied $51.37. The decent trade above $45.21 warned of renewed strength—we have seen $40.20 of this. The decent break above $47.92 has brought in $37.49 of the decent renewed strength warned about above. The decent trade above $52.24 has brought in $33.17 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength. We have seen $30.26. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $27.39. The trade above $59.50 brought in $25.91 of strength. The sustained trade above $76.90-98 warned of $70 to the upside over the next 18 months—this outlook would be negated with trade at $59.30, although I warned at the same time, we were likely in the final stretch of this bull structure and may now be in a bearish correction against this before (if) resuming higher trade.All the above bull calls are ON HOLD. We left a significant bearish reversal above on Friday which warned of lower trade in the days/weeks ahead in general. This is in a macro bearish correction against the move up, or a bearish trend.
On a short-term basis: The decent trade below $78.72 (+1 tic per/hour) projects this downward $2.10 minimum, $6.50 (+) maximum. We have attained $16.29. The trade below $75.80 (-2 tics per/hour) has brought in $13.37 of pressure so far. The decent trade below $75.30-40 projects this downward $4 minimum, $9 (+) maximum, we have attained $12.87. All the above said, the break below $64.84-43 and back above is currently bringing in some of the short covering warned about against the move down. CLICK HERE FOR FULL ARTICLE.
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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