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Crude Oil is Bullish and on Verge of Breaking Above Another Key Formation 7/23/21

On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $61.61 from that open at $15.37 in the (N20). On 5/5/20 we left a medium-term bullish reversal below. We have seen $53.53 from $23.45. We held exhaustion below with a $34.04 low and rallied $42.94. On 11/16/20 we left a bullish reversal below. We have seen $34.66. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $24.74 of the strength warned about above. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $18.96. The decent trade back above $64.73-98 (+.8 of a tic per/hour) warned of decent renewed strength--we have seen $12.20. All of the formations above are ON HOLD.

On a short-term basis: I warned the decent trade below $71.24 (+.5 of a tic per/hour) should bring in decent pressure that could further this into a deeper correction/trend. We have seen $6.23 so far, but this is now ON HOLD. I warned in the Post Market Synopsis Tuesday that this warns of further short covering, and Wednesday said we left a small bullish reversal below—we have rallied $4.91. Decent trade above where the breakdown line comes in at $71.84 (+.4 of a tic per/hour starting at 1:00pm) will warn of continued strength, with a decent likelihood (although not a projection) toward $76.05 (+). Decent trade above here will also take the macro bull calls OFF HOLD. Decent trade below $67.47 will negate the small reversal below and warn of renewed pressure.

NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold/Bitcoin 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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