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. This is ON HOLD. Trade below $49.31 will take this off hold. I noted that there was an area of possible exhaustion below at $49.30-8.51—we held this with a $49.31 low and have bounced $2.89 into a lower time frame bullish correction—this will be nullified with a break below $49.31. The decent trade above $50.74 (-3 tics per/hour) put this above a steep formation that projected this upward $1.40 minimum, $4.15 (+) maximum. We attained $1.46 of this before rolling over, but we are now trading well below the breakout, yet above where the line has traveled down to. If we break back below where this comes in today at $48.58 (-3 tics per/hour starting at 9:00am) decently, look for decent renewed pressure to come in.NOTE: this is just a small portion of the market calls I provide twice daily to my clients in the Crude Oil and Energy/Gold complex. Please feel free to reach out if interested.
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