Near Term Trend: Neutral / Bearish
As of 9/22/17 close: $50.66 (+ 0.11)
UPDATE: Last week, I suggested holding existing shorts in crude and adding to them on any bounce to $51. I gave a target of $47.15.
Crude made it up to the $51 resistance area this week and closed things out just below that level on Friday. Now that crude is near resistance, it is a clear short to me based solely on the reward / risk ratio.
I would be short of crude as close to $51 as possible with stops in place on any close above $51.25 and with an initial downside target of $46.50.