Currently: Short Looking to: Cover at $50.40
As of 2/10/19 at 7:45pm EST: $52.34
UPDATE: Last week, I suggested holding shorts with stops above $56 and with a target for covering at $51.
Crude oil has started pulling back as we expected and certainly appears to us to have room to drop further. Possible support comes in at 52.26, 50.40, 48.89 and 47.39. Of those, were focusing on $50.40.
We would short bounces in crude up to $54 with stops on a close above $55.50 and with a downside target for covering at $50.40. We would look to get long of crude at $50.40 with stops on a close below $49.95 and would use $63 as the upside target for profit-taking.