On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength, possibly for days—we saw $21.14 of this, rolled into (U). On 5/5 we left a medium-term bullish reversal below that warned of higher trade for days/weeks. We have seen $15.49 of this so far, rolled into (U). I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.15 projects this upward $14.15 (+), but will not be negated until this trades $32.60; and 2.) on the way up there are major areas of possible exhaustion to contend with if this is a corrective move against the move down from $61.44 to $21.99 which come in at $41.71-2.45, $46.37-72 and higher—the lower of which we held at $42.51 and rolled over $3.79 before short covering off the low and taking it out this AM.
On a short-term basis: The decent trade above $41.11 (-.6 of a tic per/hour) warns of continued strength. We have seen $1.77 of this so far. If we break back below decently, look for decent profit taking to come in. This will come in at $40.98 (-.6 of a tic per/hour starting at 9:00am). We are called $1.12 higher as of 6:45am.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold 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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