Near Term Trend: Bullish
As of 1/5/18 close: $61.59
UPDATE: Last week, I suggested holding longs up to $61.57 and then selling and getting short with stops above $61.75 and with a target of $55.85.
Crude had another strong week this week making it up to projected (weekly) resistance at $61.75. An extreme upside stretch could take crude up to $62.73. However, a pullback is due around now. Fibo lines on the chart to the right give us $58.37 and $56.12 as potential pullback targets.
I would be a seller of crude between $61.75 and $62.73 with stops above $63 and with a downside target of $56.40. Id get long down at $56.12 with stops below $55.50 and with a target of $61.75.