Near Term Trend: Bullish
As of 11/17/17 close: $56.80
UPDATE: Last week, I suggested selling longs and getting short between $57.50 and $57.92 with stops on shorts on a close above $58 and a target of $54.75.
Crude pulled back sharply throughout the week this week until the Saudis came out with some bullish jawboning. That news on Friday caught the shorts leaning too hard and caused the intense rally that retraced a good portion of the losses for the week. It still looks to me like crude can pull back some more before the next major up wave commences, though.
I would be looking to shed shorts and get long of crude down at $54.49 with stops below $54.00 and an upside target of $60.