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). 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). We have rolled over $10.44 from the (X) peak. On 10/24 we left a medium- term bearish reversal above, which warned of pressure for days/weeks—we have seen $5.17 of this. These are ON HOLD. The decent trade back above $37.47 warns of continued strength to come in, with a good likelihood of heading back up toward $41.90 (+)—although this is not a projection. We have seen $1.78 of this so far. If this is a corrective structure against the move down from $41.90, there are two areas of possible exhaustion to contend with on the way up at $39.28-37 and $39.95-40.52. If this is not a corrective structure, these may act as temporary resistance. We came shy of the lower of these by 3 tics with a $39.25 high and rolled over 98 tics before short covering off the low.
On a short-term basis: The trade below $41.37-38 brought in $7.73 of pressure. The trade below $40.84-75 has brought in $7.11. The decent trade below $39.94-86 brought in $6.22 of pressure. These are ON HOLD. I warned there was a possible exhaustion area to contend with on the way down at $33.97-86. We basically held this with a $33.64 low and rallied $5.61. The maintained gap higher Tuesday also left a short-term bullish reversal below that warns of short covering, likely for days. Decent trade back below $36.95 will negate this and warn of renewed pressure, likely back toward $33.65 (-).
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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