Near Term Trend: Neutral
As of 3/16/18 close: $62.41
UPDATE: Last week, I suggested shorting crude starting at $62.27 and honoring stops on a 60-minute close above $62.50. I gave a downside target at $55.25.
Crude oil has reached up to the suggested shorting point noted here last week. It almost closed above $62.50 but not quite. Based on the daily chart (shown here), crude may stop either right here or up at $63.15. Either way, I still believe its headed lower over the next weeks / months.
I would be willing to short near $62.47 with stops on any daily close above $63.15 and with a downside target of $57.30.