Contributed Commentaries
Crude oil poised for pressure within general bullishness, unless we take out formation above 1/11/22
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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). 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 are ON HOLD.
On a short-term basis: We have seen $11.86 from the 12/17 close at $68.61. The trade above $71.36 (-1.5 per/hour) projects this upward $5.20 minimum, $9.00 (+) maximum. We have attained $9.11. The above are ON HOLD. The decent trade below $79.07 (+4 tics per/hour) warned of decent pressure, but this is a pretty steep line. If we break back above decently, look for decent short covering to come in. This will come in at $79.88 (+4 tics per/hour starting at 7:00am). 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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