CRUDE OIL for 2/25/20
The break back below $60.98 warned of heavy pressure, likely down toward $51.00 (-). We have seen $11.48 of this so far, taking out $51.00 on 2/2. This was on hold from 2/5, but taken off hold yesterday. On Friday we left a short-term bearish reversal above. We have seen $2.44 from Friday’s open. Decent trade below $50.53-51 will project this downward $1.50 minimum, $4.30 (+) maximum; 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.