CRUDE OIL for 2/28/20
The break back below $60.98 warned of heavy pressure, likely down toward $51.00 (-). We have seen $16.03 of this so far, taking out $51.00 on 2/2. On 2/21 we left a short-term bearish reversal above. We have seen $8.63 from Friday’s open. The decent trade below $50.53-51 projects this downward $1.50 minimum, $4.30 (+) maximum. We have seen $5.56 of this so far. If we break back above decently, look for decent short covering to come in—this will come in at $50.72-73 today. 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.