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Crude Oil Poised for Pressure Within General Bullishness, Unless we Take out Formation Above 1/11/22


On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $70.04 from that open at $15.37 in the (N). On 5/5/20 we left a medium-term bullish reversal below. We have seen $61.96 from $23.45. We held exhaustion below with a $34.04 low and rallied $51.37. The decent trade above $45.21 warned of renewed strength—we have seen $40.20 of this. The decent trade above $52.24 has brought in $33.17 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength. We have seen $30.26.The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $27.39.The trade above $59.50 brought in $25.91 of strength. The sustained trade above $76.90-98 warned of $70 to the upside over the next 18 months—this outlook would be negated with trade at $59.30, although I warned at the same time, we were likely in the final stretch of this bull structure and may now be in a bearish correction against this before (if) resuming higher trade (which we saw in November, and could still see another macro leg down if we do not take out the highs). All the above are ON HOLD.


On a short-term basis: We have seen $11.86 from the 12/17 close at $68.61. The trade above $71.36 (-1.5 per/hour) projects this upward $5.20 minimum, $9.00 (+) maximum. We have attained $9.11. The above are ON HOLD. The decent trade below $79.07 (+4 tics per/hour) warned of decent pressure, but this is a pretty steep line. If we break back above decently, look for decent short covering to come in. This will come in at $79.88 (+4 tics per/hour starting at 7:00am).


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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