Near Term Trend: Positive
Tuesday’s Close: $52.76 (- .43 cents)
UPDATE: In our last report over two weeks ago, Crude had just settled at $51.33, and we stated, “If the contract rallies another $2.50 I would sell short”. Basically selling short at $53.83 or higher.
As of last Wednesday, the contract rallied to $54.16, and based on that rally above $53.83 we went short.
Place the buy stop at breakeven, $53.83, close only.