Currently: Long Looking to: Sell @ $54.07
As of 6/17/19 at 12:21am EST: $52.84
LAST WEEK: We suggested selling longs at $55 and getting short at $56.59 with stops above $57.10. The downside target for shorts was given at $50.00.
UPDATE: Crude oil didnt quite make it to our $55 target for selling longs nor the $56.59 level for starting new shorts. They topped out last week just below $55.
Right now, we are calling for a ceiling to be made at either $54.07 or $54.84 and for a drop to either $49.56 or $47.51 to follow. We would be selling longs at $54.07 and looking to short at $54.84 with stops above $55.25 and with a $49.56 downside target. We would then be looking to get long on an extended move down to $47.51 with stops on a close below $47 and with an upside target of $54.