Daily Minute with Mike Paulenoff for February 15

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By Mike Paulenoff | Published 02/15/2006 | Futures | Unrated

Daily Minute with Mike Paulenoff for February 15

Game on in crude oil! Now that it has violated its November-February support line ($59.90) and has accelerated to the downside to a new reaction low so far at $58.55, it is likely on the way to a full-fledged retest of the November lows at $55.70/40. Only a sudden upside reversal and close back above the $60 level will argue that oil's decline is attempting to stabilize. Otherwise, let's expect the oil price decline to continue.

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.

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