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Crude Oil Bullish but Approaching Exhaustion Levels 11/24/20

Directional Opinion: We settled in a bull leg. Settlement below $41.69 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 saw $21.14 of this, rolled into (F). 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 (F). These are ON HOLD. NOTE: On the way up there was a major area of possible exhaustion warned about at $44.08. The high of (X) was $44.05, and we have rolled over $10.44. This is ON HOLD as well.

On a short-term basis: We held an equivalent exhaustion area below in the (F) with a $34.04 low and rallied $9.70. The maintained gap higher on 11/3 left a short-term bullish reversal below that warned of short covering, likely for days. We have seen $5.11 of this so far. The decent trade above $42.23 (-.6 of a tic per/hour) warned of decent renewed strength we have seen $1.51 of this. This may be in a final stretch of the move up from $34.04, with possible exhaustion areas above at $43.87-4.14, $45.18, $45.96-6.07 and higher—any of which has the potential to bring in a bearish correction exceeding $3.00. Decent trade below $42.46 (+1.3 tics per/hour starting at 9:00am) should bring in decent pressure. Decent trade below $41.92 (+.8 of a tic per/hour starting at 9:00am) will project this downward $1.70 minimum, $3.30 (+) maximum. We are called 60 tics higher as of 6:22am.

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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