Currently: Cash Looking to: Short now
As of 11/8/19 close: $57.24
LAST WEEK: We suggested shorting at last weeks levels with stops honored on a weekly close above $57 and with a target of $51.
UPDATE: Crude flirted with a breakout, but closed Friday below adjusted weekly closing resistance of $57.72.
Technically, the weekly chart here tells us that as long as $57.72 holds as resistance, the path for crude should be lower far lower. The best case if $57.72 holds would be a downside target of $51.89. Below that comes $44.21 and then $34 - $38.
We would be shorting up to $56.75 with stops honored on a weekly close above $57.72 and would be looking to cover down at $44.21.