Currently: Cash Looking to: Buy $28.59 / Short $36.02
As of 5/22/20 close: $33.41
LAST WEEK: We suggested shorting at $31.30 with a target for covering at $26.23.
UPDATE: Crude oil futures have continued to defy the uber-bearish analysts expectations by grinding higher nearly unabated. This week brought about a brief period of downside action after US / China tensions made the headlines. However, Friday saw oil prices back on the upside. Technically, it appears that crude can make it up to the 50% retracement level (of the January to April decline) at $36.02 pretty easily. The more challenging task will be to break and close above the 61.8% line at $42.97. Ahead of a test of $36.02, we would buy dips to $28.59 with stops on a close below $27.90 and with an upside target of $35. We would look to short at $36.02 with stops on a close above $37 and with a target for covering at $27.