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Crude Oil Bullish but Approaching Exhaustion Levels 11/24/20


Directional Opinion: We settled in a bull leg. Settlement below $41.69 will start this in a bear leg. On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we saw $21.14 of this, rolled into (F). 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 (F). These are ON HOLD. NOTE: On the way up there was a major area of possible exhaustion warned about at $44.08. The high of (X) was $44.05, and we have rolled over $10.44. This is ON HOLD as well.


On a short-term basis: We held an equivalent exhaustion area below in the (F) with a $34.04 low and rallied $9.70. The maintained gap higher on 11/3 left a short-term bullish reversal below that warned of short covering, likely for days. We have seen $5.11 of this so far. The decent trade above $42.23 (-.6 of a tic per/hour) warned of decent renewed strength we have seen $1.51 of this. This may be in a final stretch of the move up from $34.04, with possible exhaustion areas above at $43.87-4.14, $45.18, $45.96-6.07 and higher—any of which has the potential to bring in a bearish correction exceeding $3.00. Decent trade below $42.46 (+1.3 tics per/hour starting at 9:00am) should bring in decent pressure. Decent trade below $41.92 (+.8 of a tic per/hour starting at 9:00am) will project this downward $1.70 minimum, $3.30 (+) maximum. We are called 60 tics higher as of 6:22am.


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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