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Crude Oil in Consolidation Within Overall Bearishness 9/15/20

Directional Opinion: 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 (V). 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 (V). These are ON HOLD. I would NOTE: that there are two major pictures being played out: 1.) the decent break above $36.46 projects this upward $13.20 (+), of which we have attained $7.20 so far, but will not be negated until this trades $33.15; and 2.) on the way up there are major areas of possible exhaustion to contend with which come in at $46.19-43 and higher.

On a short-term basis: The decent trade below $43.25 warned of decent pressure. We have seen $7.12 so far. I cautioned we have possible macro exhaustion areas below to contend with that come in at $36.11-.35.94, $33.52-2.55, and lower. We held the upper of these with a $36.13-16 low and rallied $2.29 into a lower time frame corrective move against the move down from $43.78 . Areas of possible exhaustion for a corrective move to the upside come in at $38.93-9.05, $39.55-95, and $40.42-86. Decent trade below $37.14 (+1 tic per/hour starting at 9:00am) will put this below a minor pattern that will warn of continued pressure, but if we break below here decently and back above decently, look for decent short covering to come in. A maintained gap higher today will leave a short-term bullish reversal below, but this will be more effective if/once we take out $39.35.

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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