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Crude Oil in Bullish Correction or Trend

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). 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 (the high of this contract was $44.05), $46.69-8.71 and higher.Decent trade below $37.02-7.00 will project this downward $2.80 minimum, $7.50 (+) maximum and could bring in a run to test below $24.40(-).

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 $7.00 of pressure.This is ON HOLD.The decent trade above $39.58 (-.7 of a tic per/hour) warns of higher trade.We have seen $1.28 of this so far. If we break back below decently, look for decent profit taking to come in.This will come in at $39.41 (-.7 of a tic per/hour starting at 9:00am).I have noted: since the complex violated bearish patterns, and has now taken out bullish patterns as well, I would expect the complex to rally for days. The only caveat to this is we have gapped higher two days in a row, so we may see some consolidative/backfill before resuming higher trade.Today has a good likelihood of being a range expansion day. A maintained gap lower will leave a short-term bearish reversal above.

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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