The break back below $60.98 warned of heavy pressure, likely down toward $51.00 (-). We have seen $13.34 of this so far, taking out $51.00 on 2/2. On Friday we left a short-term bearish reversal above. We have seen $5.25 from Friday’s open. The decent trade below $50.53-51 projects this downward $1.50 minimum, $4.30 (+) maximum. We have seen $2.87 of this so far. If we break back above decently, look for decent short covering to come in—this will come in at $50.64-66 today. Decent trade above $49.41 (-4.5 tics per/hour starting at 9:00am) Thursday will project this upward $2.00 (+) based off of a steep formation; but if we break above here decently and back below decently, look for decent pressure 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.
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