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Crude Poised for Higher Trade 11/18/20

Directional Opinion: We settled in a bull leg. Settlement below $41.87 will start this in a bear leg. 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 (F). 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 (F). These are ON HOLD. NOTE: On the way up there was a major area of possible exhaustion warned about at $44.08. The high of (X) was $44.05, and we have rolled over $10.44. This is ON HOLD as well.

On a short-term basis: We held an equivalent exhaustion area below in the (F) with a $34.04 low and rallied $9.29. The maintained gap higher on 11/3 left a short-term bullish reversal below that warned of short covering, likely for days. We have seen $4.70 of this so far. The maintained gap higher Monday left a short-term bullish reversal below. Decent trade below $41.12 will negate this and warn of renewed pressure. I would warn this may be in a final stretch of a move up from $34.04, with possible exhaustion areas above at $43.87-4.14, $45.18, $45.96-6.07 and higher—any of which have the potential to bring in a bearish correction exceeding $3.00. If we break above $43.32-34 and trade/settle back below, this will also warn of an early termination of the bull structure and likely entry into a bearish correction.

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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