CRUDE OIL for 2/5/20
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. However, I would note that there are areas of possible exhaustion below at $49.30-8.51, $46.39-17, and lower that have the potential to bring in a bullish correction—we are currently holding the upper of these with a $49.31 low and have bounced $1.77. Decent trade above $50.74 (-3 tics per/hour starting at 9:00am) will put this above a steep formation that will project this upward $1.90 minimum, $5.80 (+) maximum; but if we break above here decently and back below decently, look for decent renewed pressure to come in. NOTE: this is just a small portion of the Crude market calls and Energy complex calls I provide my clients twice daily. Decent penetrations are specific and provided as well. If you are interested, please feel free to reach out.