Near Term Trend: Bullish
Fridays close: $48.82 (+0.23)
UPDATE: Last week, I suggested selling longs at 48.33 and getting long near 47.50 with an upside target of 51.21. Stops were suggested on a close below 47.
Crude traded might have traced out an abc downside correction. Targets for the abc come in at 47.92 and/or 47.52. The higher likelihood target is 47.92 and the bounce target off that level comes in at 50.41. Resistance above that comes in at 50.82. The lowest crude traded this week came in at 47.98 pretty close to the 47.92 level.
Id be buying dips in crude to 47.92 with stops below 47.52 and with an upside target of 50.41.