Currently: Cash Looking to: Short @ $41.77
As of 7/10/20 close: $40.58
LAST WEEK: We suggested shorting near $41.95 with stops on a close above $42.25 and with a target of $11. We noted that if stops were triggered, we would then suggest shorting at $43.46 with stops on a weekly close above $45 and with a target of $15.
UPDATE: Unlike stocks, it doesnt seem the government is racing in to buy crude oil futures every time the price drops. Crude is still trading below the first of two resistance levels at 41.95 and still appears to us like the next big move will be lower. Our eventual target for crude remains $10 - $11.
We would short crude near $41.77 with stops honored on a daily close above $42.25 and would look to cover down at $11. If stopped, try the shorts again up at $43.46 with stops on a weekly close above $45 and with a target for covering at $15. No new longs right now.