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Writer's pictureMoor Analytics

Crude Oil is Bullish, but Hovering Above Bearish Formation 4/22-4/23


On a macro basis: On 4/29 we left a bullish reversal below that warned of renewed strength for days—we have seen $52.61 from that open at $15.37 in the (M). On 5/5 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 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 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 of this so far, taking out $65.60 before rolling over. The break above $57.45-8.02 projects this upward $56 minimum, $110 (+) maximum. We attained $9.96 before rolling over and bouncing off of it twice.


On a short-term basis: We held exhaustion below at $57.35-26 with a $57.29 low and bounced $7.09 into a bullish correction/trend. The decent trade above $59.50 (-1.4 tics per/hour) brought in $4.88 of strength.A maintained gap lower will leave a short-term bearish reversal above.Decent trade below $61.23 (+1 tic per/hour starting at 6:00pm) will warn of pressure, but this formation has gotten dissipated a bit.Decent trade below $59.34 (+.4 of a tic per/hour starting at 6:00pm) will project this downward $5.30 (+).WARNING: The Gas Oil is still below its bearish formation.


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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