Near Term Trend: Neutral
As of 12/8/17 close: $57.34
UPDATE: Last week, I suggested shorting up to $58.75 with stops above $59 and with a target of $55.25.
Crude spent the first half of the week tumbling breaking correction support at $56.06 in the process. Then, it spent the latter half of the week in rally / bounce mode. I identified $57.56 as the key short-term resistance crude needs to take out on a daily close to allow the bulls to keep control of things. Crude tried and failed to conquer that level on Friday.
I would be short of crude up to $57.56 with stops on close above that and with a target of $55.15 (for starters).