Currently: Short Looking to: Cover @ $57.43
As of 5/17/19 close: $62.73
LAST WEEK: We suggested holding shorts until $51 unless $64.08 was broken on the upside.
UPDATE: We are adjusting potential resistance for this bounce down to $63.68. If that resistance holds, we should see a drop in crude down to at least $57.43. If resistance is broken, look for a move up to $66.11 and then perhaps a drop to $59.58.
We would be shorting this bounce in crude to $63.68 with stops in place on a close above $64 and with a downside target of $57.43. We would be looking to get long of crude on any such drop to $57.43 with stops being utilized on a close below $57 and with an upside target of $75.