Directional Opinion: We settled in a bull leg. Settlement below $58.36 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 have seen $45.58 from that open at $15.37 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $37.87 from $23.08. I would be aware we took out a major trendline at $55.15, which warns of significant strength in the weeks/months ahead, with a good likelihood of a run for $65.60 (++). We have seen $5.82 of this so far. The break above $57.45-8.02 now projects this upward $56 minimum, $110 (+) maximum—the minimum could be attained within as little as 10 months. Solid failure back below here will warn of solid pressure.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $26.91. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $22.50 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $18.63. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $15.75 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $13.06 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $8.81 of the strength warned about above. The decent trade above $53.94 warned of continued strength. We have seen $7.86 of this so far. I would CAUTION we held a major trendline above at $60.86 with a $60.95 high and started to roll over—solid trade above where this comes in today at $60.83 will again warn of much higher trade.
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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