Currently: Cash Looking to: Short @ $41.95
As of 7/3/20 close: $40.23
LAST WEEK: We suggested getting short of crude on a bounce to $38.70 with stops on a close above $39.94 and with a target of $35.12.
UPDATE: Similar to the set-up in stocks, crude oil appears to have two possible Fibonacci retracement line resistances with which it has to deal - $41.95 and $43.46. Wherever a ceiling is made, our charting tells us that crude should head back down to near $10 in the coming months.
We would be willing to short crude near $41.95 with stops on a close above $42.25 and with a downside target for covering at $11. If stopped, try the shorts again up at $43.46 with stops honored on a weekly close above $45 and with a target of $15. No new longs in crude right now.