Curr: Cash Looking to: Buy 58.10 / Short 65.65
As of 2/26/21 close: $61.50
LAST WEEK: We suggested buying crude oil at $57.51 with a long-term upside target of $90 and with stops on a close below $55.27.
UPDATE: Crude oil sold off Friday along with the rest of the risk assets complex. Before that, however, crude had not been displaying any weakness (unlike stocks). We see the potential for crude to trade up to $65.65 and/or down to $58.10. We would look to get long of crude oil futures at $58.10 for a long-term target of $90. Stops should be honored on a close below $55.27. Ahead of the test of $58.10, short @ $65.65.