Near Term Trend: Bearish
Fridays Close: $44.91 (+0.45)
UPDATE: Last week, I suggested shorting crude at $46.32 or $47.34 with a downside target of $41 and stops in place on a close above $46.32 and $47.40, respectively.
The nastiness in crude oil markets continued this week with additional bearish inventory numbers and more signs that most potential influences (OPEC, Trump, supply / demand) are leaning bearish. .
I would be looking get short on a bounce to $45.42 or $46.93 with a downside target of $41.61 and stops in place on closes above $45.42 or $46.93, respectively.