Crude was not able to surpass $98.30.
Almost 2 weeks ago, (Feb. 13th update) I´ve approached crude with an important upward bias.
Although somewhat overextended (again, algos have provided sell signals in shorter term intervals) and working with the idea of crude establishing new highs. First target is $98.30 (early Feb. highs), followed by a much broader a complex value area $99.50-$98.50, which will put close to the magic $100/bbl mark.
During the post, drafted 12 days ago I was leaning into a further push up towards the $100/bbl level and expected the retracement in the $98.30 to be milder, and buyers to regaining control once a milder ratracement provided an area in which buyers could redeploy energy. I was wrong.
The question now is that if $92.70-$92.30 area can hold as a short term are in which buyers decide to act. In that event, I would be looking to see if they can keep control into the $94 area and further witll be looking if $95.45 is reached. That is my line in the sand for the shorter term.
Alternatively, if $92.70-$92.10 doesn´t bring enough buyers, I will be keying the $91 area, followed by $90, which is a weak area. I really do not see many imporant areas until $88.50, which is $5 below the currrent level. I am leaning into this scenario.