Near Term Trend: Bullish / Neutral
As of 6/17/18 at 11:50pm: $63.62
UPDATE: Last week, I suggested shorting bounces in crude to $68.67 with stops on a close above $70.25 and with a target of $61.69.
Crude oil turned convincingly lower late last week and into this week. I thought we would see this downside action but only after a bit more of a rally. The bears took back control from the bulls sooner than apticipated. Im sticking with my recent call for a move to down near $60 and then a subsequent bounce.
I would look to cover shorts down at $61.95 and would then look to get long on a continued drop to $60.91. Honor stops on a close below $60.25 and look to take profits on a bounce to $66.