Currently: Long Looking to: Sell @ 63.04
As of 3/18/19 @ 12:31am EST: $58.58
LAST WEEK: We suggested buying dips in crude to $54.35 with stops on a close below that level and with a target of $63.50.
UPDATE: Crude oil continues to be in bull mode. Crude hit 2019 highs last week and still appears to have room to run until serious selling pressure comes into play. We believe crude will run up to the resistance range between $63.04 and $64.11 in the next few months. We would be holding longs until $63.04 and would then look to short the extended rally up to $64.11 with stops in place on a close above $65.25 and would look to hold shorts for a while. The next move lower could be quite substantial – but we will hold off on setting targets for that move at this point. In advance of the upside targets being tested, we would only buy dips to $55 with stops on a close below $53.75 and would use $63.04 as the upside target.
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