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Crude Oil Testing Near Stops Above Key Formation, Heat has Already Turned Bullish 5/24/21

On a macro basis: On 4/29/20 we left a bullish reversal below—we have seen $52.61 from that open at $15.37 in the (M). On 5/5/20 we left a medium-term bullish reversal below. We have seen $44.90 from $23.08. We held exhaustion below with a $34.04 low and rallied $33.94. On 11/3/20 we left a short-term bullish reversal below that warned of strength for days. We have seen $29.53 of this so far. On 11/16/20 we left a short-term bullish reversal below. We have seen $25.66. The decent trade above $45.21 (-1 tic per/hour) warned of renewed strength—we have seen $22.68 of this. The decent break above $47.92 (+.3 of a tic per/hour) has brought in $20.09 of the decent renewed strength warned about above. The decent trade above $52.24 (+.5 of a tic per/hour) has brought in $15.85 of the strength warned about above. We took out a major trendline at $55.15, which warned of significant strength in the weeks/months ahead, with a good likelihood of a run for $65.60 (++). We have seen $12.81. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We have attained $9.96.The trade above $59.50 brought in $7.61 of strength. These are ON HOLD. I noted we were likely in the last stretch from $30.00 upward and the failure back below $66.67-63 warns of early termination entry into a macro bearish correction. We have seen $5.07. However, see below.

On a short-term basis: The decent trade below $64.32-09 (+.8 of a tic per/hour) projects this downward $1.50 minimum, $2.45 (+) maximum. We attained $2.49 so far before short covering off the low. If we break back above decently, look for decent renewed strength and take bull calls OFF HOLD. This will come in at $64.71-92 (+.8 of a tic per/hour starting at 9:00am). I warned we are now in a lower timeframe bullish correction/trend against the move down from $67.02, that will likely bring in upward consolidation which could still be capped below the formation above, before (if) resuming lower trade. A maintained gap higher will leave a short-term bullish reversal below. NOTE: the Heating Oil has already violated a bearish pattern above, warning of a run for the highs (+), which may be a harbinger of what we may see in the rest of the complex.

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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