Currently: Cash Looking to: Short @ $43.375
As of 7/24/20 close: $41.325
LAST WEEK: We suggested shorting near $41.30 with stops honored on a close above $41.75 and with a target
of $12. We gave a secondary short entry at $43.375.
UPDATE: Crude oil futures made it up through our initial entry point for shorts at $41.30 and managed to
close above the stop-loss trigger of $41.75. That tells us crude may need to work its way up to the second entry
point for shorts before really starting to tumble. That being noted, we’re not brave enough to go long here in advance of the rest of the move to $43.375.
We would look to sell longs / get short of crude at $43.375 with stops honored on a close above $45 and
with a target for covering shorts at $12.
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