Crude Oil (WTI)

On a macro basis: The decent trade back above $56.26-41 (+1.8 tics per/hour) has brought in $3.44 of the short covering warned about above. Decent trade below $55.79 (+.3 of a tic per/hour starting at 9:00am) will project this downward $3.45 (+); but if we break below here decently and back above decently, look for decent short covering to come in. Decent trade above $59.28 (+.3 of a tic per/hour starting at 9:00am) will project this upward $3.90 (+). 

On a short-term basis: The decent trade below $59.27 (+.3 of a tic per/hour) should bring in decent renewed pressure (+). The failure back below $59.12 suggests this is likely now in a lower timeframe correction against the move up from $55.02. Areas of exhaustion for this correction (if it is a correction and not a trend), come in at $58.13-01, $57.43.42, $5687-80, and $56.26-20—these will likely be temporary until after tomorrow. Decent trade below $57.70 will project this downward $2.15 but can withstand 54 tics of violation and remain valid.