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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.

To learn how to take advantage of changing prices, up or down, with futures and options, please feel free to contact me directly.

If you don’t already have a futures trading account with Insignia Futures & Options, I invite you to open one today…

Best Wishes,

Joe Fallico

Principal Futures Broker
Series 3 & Series 30 Registered

Phone: 1-847-379-5000 ext. 101
Toll Free: 1-866-892-2030ext. 101

Insignia Futures & Options, Inc.

* Required disclaimer:
There is a risk of loss in futures trading.  Past performance is not necessarily indicative of future results. The use of a stop loss order may not necessarily limit your loss to the intended amount. You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.