Currently: Short Looking to: Cover @ 51
As of 11/15/19 close: $57.72
LAST WEEK: We suggested shorting up to $56.75 with stops honored on a weekly close above $57.72 and with a target of $44.21.
UPDATE: Crude oil rallied late in the week after dropping mid-week following bearish inventory data on Wednesday afternoon and Thursday morning.
Crude finished the week right at the upper band of projected resistance at 57.72 so shorts should still be on the books. Using Fibonacci retracement lines in this weeks chart, wed actually be wiling to hold shorts unless 57.92 is conquered on a weekly close.
We would be selling longs and getting short of crude at current levels with stops honored on a weekly close above 57.92 and with a downside target of 51 initially and 44 or 38 for the longer-term.