Near Term Trend: Bullish / Neutral
As of 6/22/18 close: $69.86
UPDATE: Last week, I suggested covering shorts at $61.95 and getting long down at $60.91. The upside target on a rally was $66.
Crude oil ripped higher on Friday blowing through the initial resistance the bears were eyeing near 68.36. However, the chart pattern shown to the right does not clearly give the advantage to the bulls or the bears. If the $69.86 level is taken out on the upside, the bears will have been vanquished. If not, theyll still have hope for a drop to $61 or so.
I would look to try shorting crude at $69.38 with stops on a daily close above $69.86 and with a downside target of $61.69.