On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $34.45 from that open at $14.98 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $26.35 from $23.08. These are ON HOLD. We may be in a macro correction against the move down from $114.83 in May of 2011. If so, areas of possible exhaustion come in at $49.26, $57.96-$60.66 and higher. We basically held the lower of these with a $49.43 high and rolled over $3.18 before short covering off the low. Keeping in mind the macro bull call from RBOB, these may act as temporary resistance on the way up if we trend through them.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $15.39. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $11.17 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $7.37. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $4.22 of this so far before rolling over. These are ON HOLD. On 12/21 we left a short-term bearish reversal above that warned we may be headed into a further bearish correction/trend against the move up from $34.50 at the beginning of November. The short-term bearish reversal above will be negated with a decent break above $48.63. However, the decent break back above $46.75 brought in $2.21 of short covering against this bearishness. I warned Thursday that today has a good likelihood of being a range expansion day.
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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