Currently: Long Looking to: Sell @ 56.72
As of 12/7/18 close: $52.14
UPDATE: Last week, I suggested buying down to $48.50 with stops below $48.25 and with an upside target of $56.72.
Crude managed to hold up above support and stage a rally later in the week this week. Right now, the short-term bounce thesis put forth in last weeks report is intact. I expect a rally to at least $56.72 and possibly higher.
I would continue to hold longs until $56.72. Honor stops on a daily close below $50.50, though. I would be shorting at $56.72 with stops above $57 and a target of $50.