Currently: Cash Looking to: Buy dips to $48.40
As of 1/13/19 at 7:40pm EST: $51.81
UPDATE: Last week, I suggested selling longs and getting short near $48.95 with stops on a close above $49.50 and with a target of $35.85.
Crude oil futures rallied sharply last week as the risk on trade continued to be in play. Crude eclipsed some initial resistance at $50 and now appears set to move up to at least $54.55 and possibly even up to $57.96.
I would be a buyer of crude on a drop to $48.40 with stops on a daily close below $46.90 and with an upside target of $57.90. I would only try shorts up at $54.55 with stops on a close above $55 and with a downside target of $48.65.