Near Term Trend: Neutral
Fridays close: $45.60 (- 1.32)
UPDATE: Last week, I gave support for crude near $45.04 with an upside target of $48.19.
Crude looked like it was on a towards the target in the $48s until Friday. On Friday, headlines crossed that multiple OPEC nations were pumping out as much supply as possible. Crudes upside fell short of setting a new short-term closing high. So, it is possible that weve seen all the upside in crude for now. It is not a certainty, though. Only a close below 45.20 on the July contract will confirm that the upside move is over.
Id be shorting rallies to 46.75 with stops in place on a daily close above 47.45 and with a target of 40.