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Crude Oil in Consolidation 12/30/20

On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $34.45 from that open at $14.98 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $26.35 from $23.08. These are ON HOLD. We may be in a macro correction against the move down from $114.83 in May of 2011. If so, areas of possible exhaustion come in at $49.26, $57.96-$60.66 and higher. We basically held the lower of these with a $49.43 high and rolled over $3.18 before short covering off the low.

On a short-term basis: We held exhaustion below with a $34.04 low and rallied $15.39. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $11.17 of this so far. On 11/16 we left a short-term bullish reversal below. We have seen $7.37. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $4.22 of this so far before rolling over. These are ON HOLD. On 12/21 we left a short-term bearish reversal above that warned we may be headed into a further bearish correction/trend against the move up from $34.50 at the beginning of November. The short-term bearish reversal above will be negated with a decent break above $48.63. However, the decent break back above $46.75 brought in $2.21 of short covering against this bearishness. Decent trade below $46.73-67 will project this downward $2.40 minimum, $3.20 (+) maximum based off an ‘ok formed’ pattern; but if we break below here decently and back above decently, look for decent short covering to come in. NOTE: the equivalent pattern in Brent is more well-formed. Areas of possible exhaustion if we come off, come in at $45.69-40 (minor), $43.73-67 (moderate), and lower. Today will likely see range expansion.

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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