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Crude Oil Overall Bullish, but Currently Holding Exhaustion 12/16/20

On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $32.93 from that open at $14.98 in the (M). On 5/5 we left a medium-term bullish reversal below. We have seen $24.83 from $23.08. We could 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 $47.88-49.26 (which we held this AM), $57.96-$60.66 and higher. Keeping in mind the macro bull call from Unleaded Gas [I would NOTE: on a Weekly chart (which you have to take with a grain of salt to some degree as it spans many contracts) we settled above a significant bullish formation that came in at 12307. This projects this upward 30 cents minimum, $1.25 (+) maximum. The maximum could be seen within 5 calendar months.The line for this formation comes in at 12199 this week.If we fail this solidly, the market should come off considerably.], these may act as temporary resistance on the way up if we trend through them.

On a short-term basis: We held exhaustion below with a $34.04 low and rallied $13.87. On 11/3 we left a short-term bullish reversal below that warned of strength for days. We have seen $9.65 of this so far. The decent trade above $42.23 warned of decent renewed strength we have seen $5.68 of this. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $2.70 of this so far. This may also be in a final stretch of the move up from $34.04, with possible exhaustion areas above for the lower timeframe move upward at $48.18-21, $49.63, and higher. Decent trade below $46.90 (-1 tic per/hour starting at 9:00am) should bring in decent pressure. Decent trade below $46.09 (+1 tic per/hour starting at 9:00am) will project this downward $1.85 minimum, $2.35 (+) maximum; but if we break below here decently and back above decently, look for decent short covering to come in. 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

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