Currently: Short Looking to: Hold until $12
As of 8/7/20 close: $41.225
LAST WEEK: We suggested shorting near $41.53 with stops on a close above $43.375 and with a target of $12.
UPDATE: Crude oil futures made it up to the next higher resistance level we have put forth recently at $43.375 and backed off almost immediately this week. There is still a chance a breakout above that level occurs and that $45 is tested. But we are of the opinion we see a down move in risk assets sooner than later and would bet against crude here. Honor stops on shorts on any close above $43.375 and look to hold on until crude approaches / tests $12 once again.