Currently: Cash Looking to: Buy @ $54.36
As of 7/21/19 @ 8:22pm EST: $56.06
LAST WEEK: We suggested buying dips to $57.91 with stops below $57 and with a target of $64.33. We suggested shorting up at $66.40 with stops above $67 and with a target of $51.
UPDATE: Crude oil is pulling back in what may be the c wave of an expanding flat downside correction. Support should come in between $55.30 and $54.36 on this down move (a bit lower than we thought in last weeks report). Assuming support holds, we should see a move up in crude with a projected range of resistance at $62.77 - $64.86.
We would be covering any shorts at $55.30 and getting long between there and $54.36 with stops below $54 and with an upside target of $62.77.