The break back below $60.98 warned of heavy pressure, likely down toward $51.00 (-).We have seen $41.52 of this so far, taking out $51.00 on 2/2. The maintained gap lower on 3/6 also left a short-term bearish reversal above—we have seen $24.30 so far. Decent trade above $23.41 (-5 tics per/hour starting at 9:00am) will put this above a steep formation that will warn of decent short covering, but this formation is getting dissipated a bit. Decent trade below $23.38 (+1 tic per/hour starting at 9:00am) will warn of decent pressure. If we break below here decently and back above 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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