$55 a barrel is much more likely from these levels than a breakout up to $80 per barrel.

Published 12 Hours Ago Updated 12 Hours Ago

CNBC.com

CNBC's Jim Cramer and technician Carley Garner took to the charts to investigate the likelihood of a further drop or a possible rally in oil.

The charts suggest that today's weakness in oil is not the end, says Cramer

With U.S. crude falling for the fifth straight day on Tuesday, CNBC's Jim Cramer and technician Carley Garner took to the charts to investigate the likelihood of a further drop or a possible rally.

Garner, the co-founder of DeCarley Trading, thinks a breakdown to $55 a barrel is much more likely from these levels than a breakout up to $80 per barrel. She even sees the possibility of oil dropping into the high $40s.

"The charts, as interpreted by Carley Garner, they suggest that today's weakness in oil is not the end, people. She's saying more pain," the host of "Mad Money" said.

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No yous the fool. Management already made oor cuts that make us the leanest in the industry. All others playing catch up. We’re running on rocket fuel while thems eating hay.

You fool. BHGE paid off 63% of its staff as could not keep up with other service companies at under 80 dollars a barrel if the new bench mark is 50 to 70 dollars then BHGE will need to cut back up to another 40% staff to adjust.

We're still losing tens of millions at the higher oil price!

Who cares? We are not a refining company. And all the contracts for existing rigs are coming oor way coz all the other companies are quittin.

Thread regarding Baker Hughes layoffs

$55 a barrel is much more likely from these levels than a breakout up to $80 per barrel.

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