Currently: Cash Looking to: Short here
As of 11/27/20 close: $45.73
LAST WEEK: We suggested shorting crude at $42.68 with stops honored on a close above that level and with a target for covering / getting long at $40.15.
UPDATE: Crude oil simply ran straight up to $46 as we noted might happen in last weeks report.
Now, we are thinking crude will pull back to $42.20 - $43.25 and then run back up and test $46 -$47.
We would look to short near Fridays close ($45.75) with stops on a close above $46.25 and with a target for covering and at $43.13. We would look to get long at $42.89 with stops honored on a close below $42.15 and with a target for taking profits and re-shorting at $46.