Currently: Cash Looking to: Sell @ $54.07
As of 6/24/19 at 12:52am EST: $57.87
LAST WEEK: We suggested selling longs at $54.07 and shorting at $54.84 with stops above $55.25 and with a $49.56 target.
UPDATE: With the upside pressure being supplied by the Iran conflict, crude oil has managed to break out above the stops from last week. Even on the weekly charts shown here, crude has managed to break out above $56.75 closing resistance. Now, it looks like the next two possilbe resistance levels for crude will be $59.56 and $61.22 both Fibonacci retracements of the April to June 3rd decline. We would be selling longs at $59.56, shorting at $60.67 and honoring stops above $61.50 and hopefully looking to cover at $47.