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Crude Poised for Pressure 8/7/20

On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength, possibly for days—we saw $21.14 of this, rolled into (U). 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 (U).

On a short-term basis: The decent trade above $41.11 (-.6 of a tic per/hour) warned of continued strength. We have seen $2.41 of this. This will come in at $40.70 (-.6 of a tic per/hour starting at 9:00am). If we break back below decently, look for decent profit taking to come in. However, although this is only called 38 tics lower as of 6:40am, this is a weak outlook coming out of the gate given recent structure. A maintained gap lower today will leave a lower timeframe bearish reversal above. Decent trade below $41.87 (+2.2 tics per/hour starting at 9:00am) will project this downward $2.80 (+) based off an ‘ok formed’ formation; but if we break below here decently and back above decently, look for decent short covering to come in. Trade above $42.65 is a sign of renewed strength.

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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