Near Term Trend: Neutral
As of 8/3/18 close: $68.68
UPDATE: Last week, I suggested shorting crude near $69.83 with stops above $70.69 and with a target of $64.
Crude oil futures seem to have put in a short-term top after carving out what appears to be an abc upside correction. That ceiling comes in at $70.46.
The next move lower should take crude down to at least the $64 level, but more likely down to either $61.52 or $57.91. In fact, my call is for crude to find its way down to $57.91 before the selling is all over.
I would be short of crude now and would be adding to the position on any bounce to near $70.46 with stops on a close above $70.55. Use $58 as the target for covering shorts.