top of page

Crude Oil Overall Bearish, but Unleaded has Short Covering Bias 11/2/20

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 (Z).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 (Z).These are ON HOLD. I NOTED: that there were two major pictures being played out: 1.) the decent break above $36.88 projected this upward $12.45 (+)—we only attained $7.17 before negating the formation Sunday evening when we traded $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 (X) was $44.05), $46.69-8.71 and higher.We have rolled over $10.44 from the (X)peak.On 10/24 we left a medium- term bearish reversal above, which warned of pressure for days/weeks—we have seen $5.17 of this.The decent trade below $37.43-41 projects this downward $4.60 minimum, $7.70 (+) maximum.We have attained $3.77 of this so far.

On a short-term basis:The trade below $41.37-38 has brought in $7.73 of pressure. The trade below $40.84-75 has brought in $7.11 of the $1.80 (+) maximum.The decent trade below $39.94-86 projects this downward $1.20 minimum, $2.15 (+) maximum.We have seen $6.22 of this so far.There will be possible exhaustion to contend with on the way down at $33.97-86, $32.77-58, and lower.We basically held the upper of these Sunday with a $33.64 low and rallied $1.48. Today has a good likelihood of seeing 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

bottom of page