CRUDE OIL for 2/14/20.
The break back below $59.96-84 warned of heavier pressure, likely down toward $51.00 (-). We have seen $10.54 of this so far, taking out $51.00 on 2/3. This is now on hold. The decent trade above $50.74 (-3 tics per/hour) put this above a steep formation that projected this upward $1.40 minimum (the maximum has dissipated). We attained $1.46 of this before rolling over. The maintained gap higher Wednesday warned of further strength. We have seen 99 tics of this so far. Decent trade below $49.80-78 will project this downward $2.05 minimum, $2.80 (+) maximum based off an ‘ok formed’ pattern; but if we break below here decently and back above decently, look for decent short covering to come in. NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold complex. If you are interested, please feel free to reach out.