Near Term Trend: Neutral / Bearish
As of 9/15/17 close: $49.83 (- 0.52)
UPDATE: Last week, I suggested selling near 49.42 and looking to cover near 44.59. I also suggested new longs near 44.59.
Trading in crude this week took prices a bit north of the suggested sell point from last weeks report. However, if youre holding shorts with entries near 49.42, you should be OK. Im thinking prices are going to drop back down towards 47.15 before making another run at the recent highs near 51.00.
I would be holding existing shorts in crude and adding shorts on a bounce towards 51. The downside target will be 47.15 at which point shorts should be covered and longs initiated. The upside target will be 51.08.