Crude Oil Overall Bullish, but Unleaded Gas Holding Exhaustion Above... 1/11/21
On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $37.77 from that open at $14.98 in the (M).On 5/5 we left a medium-term bullish reversal below.We have seen $29.67 from $23.08.
On a short-term basis: We held exhaustion below with a $34.04 low and rallied $18.71. On 11/3 we left a short-term bullish reversal below that warned of strength for days.We have seen $14.10 of this so far.On 11/16 we left a short-term bullish reversal below.We have seen $10.42.The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $7.54 of this. The decent break back above $47.92 (+.3 of a tic per/hour) has brought in $4.83 of the decent renewed strength warned about above.I would also note that the $51.21-2.37 general area is a possible major exhaustion area for a correction against the move from $67.91 down to $27.22, although we violated this by 38 tics, it could still be considered as generally holding given the magnitude of the move we are correcting/trending against, but if we take out $52.75 I would consider it negated. Failure back below the $49.83-43 general area should bring in renewed pressure again.
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