Crude Oil 9/22/20
On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we saw $21.14 of this, rolled into (X).On 5/5 we left a medium-term bullish reversal below that warned of higher trade for days/weeks.We have seen $15.49 of this so far, rolled into (X).These are ON HOLD. I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.88 projects this upward $12.45 (+), of which we have attained $7.17 so far, but will not be negated until this trades $33.76; and 2.) on the way up there are major areas of possible exhaustion to contend with which come in at $44.08, $46.69-8.71 and higher.
On a short-term basis:The decent trade below $43.63 brought in $6.95 of decent pressure. Trade below $42.83 (+.5 of a tic per/hour) has brought in $6.25 of pressure.These are ON HOLD. Within the bearish moves we held a macro exhaustion area with a $36.60-58 low and rallied $5.12.The maintained gap higher on 9/16 left a short-term bullish reversal below that warned of decent strength.We have seen $2.32 of this so far.However, I noted we had a lower time frame possible exhaustion area to contend with on the way up that came in at $41.63.We basically held this with a $41.72 high and rolled over $2.85 before rejecting out of the gap below.A decent trade above the $41.62-64 line (which was a major breakdown line for the move down) should bring in decent strength and a likely run toward $44.00 (+).
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.
Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor