Crude oil is bullish 4/28/22
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 $115.13 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 $72.48.The trade above $59.50 brought in $71.00 of strength. The trade above $93.75 brought in $36.45.Decent trade below $97.04 (+1 tic per/hour starting at 1:00pm) will project this downward $6 minimum, $34 (+) maximum; but if we break below here decently and back above decently, look for decent short covering.
On a shorter-term basis: The near maintained gap higher left a minor bullish reversal below. We have seen $3.67 from the $99.38 open. I warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion—we have already exceeded yesterday’s range. CLICK HERE FOR FULL BLOG.
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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