Near Term Trend: Bullish
As of 2/16/18 close: $61.51
UPDATE: Last week, I suggested selling bounces to $63.06 with stops on a daily close above %64 and with a downside target of $40.50.
Crude oil dropped to the lower of the two possible short-term supports near $58 and has started to bounce as I suspected it might. Now the question is how high it will bounce before reversing lower. Im thinking its $62.63 at this point. If crude is to stay in long-term bull mode, it should not drop below $54.17 on a daily closing basis. I think it will, though.
Sell bounces to $62.63 with stops on any daily close above $63.06 and with a downside target of $53 (for now will adjust when downside move starts for sure).