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Crude Within Bullish Projections 11/11/20

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 (Z).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 (Z).These are OFF 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.The decent break above $39.57 warned of continued strength in general. We have seen $3.49 of this so far.The decent trade above $41.01-11 projects this upward $1.65 minimum, $7.60 (+) maximum based off an ‘ok formed’ pattern. We have attained $1.95 of this so far.If we break back below decently, look for decent pressure to come in. I noted there were two key possible exhaustion areas on the way up at $42.02-04 and $42.77-3.10. We have taken out the lower of these which was the more important one and suggests a good likelihood of a full run toward $44.30 (+), but the upper level will still likely provide temporary resistance.

On a short-term basis:I warned there was an exhaustion area to contend with on the way down at $33.97-86.We basically held this with a $33.64 low and rallied $9.42. The maintained gap higher on 11/3 also left a short-term bullish reversal below that warned of short covering, likely for days. We have seen $5.14 of this so far. The decent trade back above $37.47 warned of continued strength to come in, with a good likelihood of heading back up toward $41.90 (+)—we have seen $5.59 of this, taking out $41.90 on Globex.I warned in the Post Market Synopsis that this went out strong on the day—we are trading $1.47 higher.Today has a good likelihood of being a range expansion day.

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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