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Crude Oil is Still Projected Lower, but has Rallied to Test Breakdown Line 7/8/22


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. The trade above $89.36 brought in $41.14.The trade above $93.05 brought in $37.45. All of the above are ON HOLD.


On a shorter-term basis: The trade below $119.15 has brought in $24.05 of the pressure warned about. The trade below $115.90 projected this downward $3.20min, $8.85 (+) max. We have attained $20.80.The bullish correction within this held corrective exhaustion at $113.49 with a $114.05 high and rolled over $18.95.The trade below $111.00 warned of decent pressure for $5.90 (+). We have attained $15.90.The trade below $105.73 brought in $10.63 of the pressure warned about. The trade below $104.48 (+1 tic per/hour) projects this downward $9.30 minimum, $19.30 (+) maximum. We attained $9.38 before short covering. I warned there are areas of possible exhaustion to contend with on the way down at $94.70-3.79, $88.21, $82.74-78.12, and lower. We held the upper with a $95.10 low and bounced $9.38.Decent trade back above where the breakdown line comes in at $105.11 (+1 tic per/hour) should bring in decent strength for days.


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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