Currently: Short Looking to: Cover @ $46.50
As of 1/17/21 @ 7:55pm EST: $52.25
LAST WEEK: We suggested selling longs / getting short of crude oil at last weeks levels with stops on a close above $53 and with a target for covering / getting long at $46.50.
UPDATE: Crude oil finally put in a bearish reversal late last week but only after it closed above our stop-loss trigger of $53. We still believe crude should pull back to at least $49.37 and maybe $46.38 before the next big up move commences. We would short crude at $52.69 with stops on a close above $52.79 and with a target for covering and getting long at $49.37. Stops on longs should be < $49 and the tgt will be $64.