On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $32.76 from that open at $14.98 in the (M).On 5/5 we left a medium-term bullish reversal below.We have seen $24.66 from $23.08.This may be within a macro bullish correction against the move down from $68.27 on October of 2018 in the (F) contract which has areas of possible exhaustion that come in at $47.24-44, $51.11-2.41, and higher.Given the size of the move corrected against, the lower of these could still be considered holding with a $47.74 high.We also could be in a more macro correction against the move down from $114.83 in May of 2011.If so, areas of possible exhaustion come in at $47.88-49.26, $57.96-$60.66 and higher.We came shy of the lower of these by 14 tics Thursday.
On a short-term basis:We held exhaustion below with a $34.04 low and rallied $13.70. On 11/3 we left a short-term bullish reversal below that warned of strength for days.We have seen $9.48 of this so far.On 11/16 we left a short-term bullish reversal below.We have seen $5.68.The decent trade above $42.23 warned of decent renewed strength we have seen $5.51 of this.The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $2.53 of this so far.The trade above $46.03 (-.5 of a tic per/hour) brought in $1.71 of strength before backing off the high.If we break back below decently, look for decent pressure to come in.This will come in at $45.72 (-.5 of a tic per/hour starting at 9:00am). I warned in the Post Market Synopsis today has a high 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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