Currently: Short Looking to: Cover @ 41
As of 11/29/19 at 12:00pm EST: $55.61
LAST WEEK: We suggested selling longs and getting short near $58.65 with stops honored on a weekly close
above $59.34 and with a target of $41.
UPDATE: Despite crude oil being known as a risk asset, this chart actually looks very bearish.
Technically, crude appears to have pretty solid resistance between $58.65 and $59.21. The most bullish downside support comes into play at $46.85 - $48.17.
However, the longer-term pattern tells us that the downside targets for crude should actually start $42.36 and extend down to $40.38 or lower.
We would sell / short rallies in crude to $56.87 with stops on a daily close above $57.83 with a $42.36 target.