Near Term Trend: Neutral
Fridays Close: $50.90 (+1.24)
UPDATE:
Bullish OPEC musings worked with modestly bullish inventory data on Wednesday to lift crude higher for the week. Both of the buy stops noted in last weeks report were triggered and all shorts should have been closed out.
Crude has a little resistance at $51.24, but appears to be destined for a move up to the mid-$54s. That is a confluence of Fibonacci projections and the blue downtrend line on the chart. I would be looking to try shorting again up at $54.35 with a stop in place on any 240-minute close above that level and with a downside target of $44.10.