March NYMEX crude oil closed down $0.99 at $50.56 on Feb. 3, 2020. Prices closed near the session low and hit a 13-month low. The bears have solid overall near-term technical advantage amid the recent steep downdraft. However, the market is now oversold and due for at least a corrective bounce. Also, recent history shows market bottoms forming around the $50.00 level. The next near-term upside price objective for the crude oil bulls is closing prices above resistance at $55.00. The next near-term downside price objective for the crude oil bears is to produce a close below solid technical support at $48.00. First resistance is seen at $51.00 and then at $52.00. First support is seen at today’s low of $49.92 and then at $49.00.
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