On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $31.28 from that open at $14.98 in the (M).On 5/5 we left a medium-term bullish reversal below.We have seen $23.18 from $23.08. Although on the short-term basis mentioned below, we have been in a bull structure, I would also note that this may be within a very macro bullish correction against the move down from $68.27 in October of 2018.If so, we have entered into the ideal time window for a macro corrective area to hold--the two main nearby areas come in at $47.24-44 and $51.11-52.41, so I would monitor these on the way up.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $12.22. This may be in a final stretch of the move up from $34.04, with possible exhaustion areas above at $45.96-6.07, $48.18-21, and higher.We basically held the lower of these Wednesday with a $46.20 high and rolled over $1.78.There is the possibility we could be in a more macro bullish trending structure as well, and if so, this would be the middle stage of it--so I would maintain bull biases in general and monitor the exhaustion areas. Trade back below $45.59-22 will warn of pressure, likely significant. I warned today has a good likelihood of being a range expansion day—we have already exceeded Friday’s range on Globex.
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