Curr: Cash Looking to: Buy @ $57.51
As of 2/19/21 close: $58.93
LAST WEEK: We suggested selling longs / getting short at last week’s levels with stops on a close above $58 and with a target for covering at $52.25. We suggested new longs at $49.13 with stops below $48.75 and with a target of $60.
UPDATE: Crude oil made it up to $62.25 on Wednesday before limping into the weekend with a close at $58.93. We still feel crude can pull back to $57.51 or so before rallying anew. We would look to get long of crude oil futures at $57.51 for a long-term target of $90. Stops should be honored on a close below $55.27.