Near Term Trend: Neutral
As of 3/9/18 close: $62.04
UPDATE: Last week, I suggested shorting crude starting at $62.60 and honoring stops on a daily close above $62.80. I gave a downside target at $55.25.
Crude oil rallied on Friday with a boost from the impressive US employment report. Prior to that, it looked very bearish. If we look at the 60-minute chart to the right, it looks like the bears will try to keep control of things by holding strong at $62.27. If that level is conquered, I will go back to the drawing board.
I would be shorting crude at or near $62.27 with stops on a 60-minute close above $62.50 and with a downside target of $55.25.