Currently: Cash Looking to: Short @$42.64
As of 10/18/20 as of 11:34pm EST: $40.86
LAST WEEK: We suggested shorting crude oil at $42.64 with stops on a close above $42.65 and with a target of $31.77.
UPDATE: Crude oil futures have traded erratically over the last week. On their up moves, they have run into the first of two possible resistance levels at $41.19. Above that level, $42.64 is the next possible ceiling. Wherever the ceiling is made, we expect the next big move to be lower. Our current downside target comes in at $35.65.
We would look to short crude oil futures on an extended move up to $42.64 with stops honored on a close above $42.65 and with a downside target of $35.65 for covering and getting long.