Near Term Trend: Bullish / Neutral
As of 6/8/18 close: $65.60
UPDATE: Last week, I suggested shorting bounces in crude to $68.67 with stops on a close above $70.25 and with a target of $61.69.
Crude oil reached as low as $64.50 or so in completing five waves lower. We should see crude bounce up to $68.67 or so before heading down towards $59.50 - $61.69.
I would look to short bounces in crude up to $68.67 with stops above $69 and with a downside target of $61.70. Aggressive traders can try crude longs at current levels in advance of the move up to $68.67. Stop out if $64.25 is violated on the downside.