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Crude Oil Bearish, Unless we Take Out Formation Above 8/3/20

On a higher time frame basis: On 4/29 we left a bullish reversal below that warned of renewed strength, possibly for days—we saw $21.14 of this, rolled into (U).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 (U). I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.15 projects this upward $14.15 (+), but will not be negated until this trades $32.60; and 2.) on the way up there are major areas of possible exhaustion to contend with if this is a corrective move against the move down from $61.44 to $21.99 which come in at $41.71-2.45, $46.37-72 and higher—the lower of which we held at $42.51 and rolled over $3.79 before short covering off the low.

On a lower time frame basis:Trade above $40.47-55 is a sign of strength; but if we break above here and back below, look for profit taking to come in. Decent trade above $41.31 (-.5 of a tic per/hour starting at 9:00am) will warn of decent strength; but this could use a rejection off of the line initially for better form.

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

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