Near Term Trend: Neutral
Fridays close: $47.28 (- 0.01)
UPDATE: Last week, I suggested buying dips to 46.72 with an upside target of 48.90.
Crude bottomed out Wednesday at around 45.85 and traded violently higher Thursday and Friday and thus far Monday. There is strong resistance at 47.53 in the short-term. Crude should make it down to 45.85 and possibly down to 44.59 before another nice up wave commences
Id be selling near 47.53, covering shorts at 45.85 and getting long down at 44.59.