Crude oil is bearish, but the short cover back above 8701-22 is bringing strength within 8/15/22
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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). On 5/5/20 we left a medium-term bullish reversal below. We have seen $107.05 from $23.45. We held exhaustion below with a $34.04 low and rallied $96.46. The trade above $45.21 warned of renewed strength—we have seen $85.29 of this. The trade above $52.24 has brought in $78.26 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength. We have seen $75.35.The break above $57.45-8.02 projects this upward $56 minimum, $101 (+) maximum. We have attained $72.48. The sustained trade above $76.90-98 warned of $70 to the upside over the next 18 months. The trade above $80.03 brought in $50.47.The trade above $84.58-82 brought in $45.68. All of the above roll into the (U) and are ON HOLD.
On a shorter-term basis: The trade below $119.15 brought in $32.33 of pressure. The trade below $115.90 projected this downward $8.85 (+). We attained $29.08. We held corrective exhaustion within at $114.05 and rolled over $27.23.The trade below $111.00 brought in $24.18 of pressure. The trade below $105.73 brought in $18.91 of pressure. The trade below $104.48 (+1 tic per/hour) projects this downward $9.30 minimum, $17.40 (+) maximum. We attained $17.66. The trade below $99.24 brought in $12.42 of pressure. The trade below $97.18 projects this downward $4.70 minimum, $8.30 (+) maximum. We attained $10.36. These are ON HOLD. We came just shy of downside exhaustion at $86.34 with a $87.01 low and rallied $8.04 before rolling over to test it again this morning with an $86.82 low. I warned in the Post Market Synopsis Friday that the trade below $92.65-42 may bring in follow-through pressure before (if) resuming higher trade—we saw $5.60 before breaking back above $87.01-22, above which I warned of short covering--we have seen $2.36. Decent trade below $88.43 (+1 tic per/hour starting at 1:00pm) will warn of decent pressure (NOTE: we came within 1 tic of the decent break this AM). If we break above here decently, look for decent continued strength to come in. Today has a good likelihood of seeing range expansion. LINK TO ANALYSIS ON WEBSITE.
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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