Currently: Cash Looking to: Short @ $55.15 or Buy at $50.33
As of 1/20/19 at 10:43pm EST: $54.34
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 continue to rally as the new week is getting under way. The chart to the right tells me crude is in the latter stages of a fifth wave higher with a projected max target of $55.15. From there, we should see crude pull back to $52.17, $50.33 or $48.84.
I would only try shorts up at $55.15 with stops on a close above $56 and with a downside target of $50.40. I would be a buyer of crude on a drop to $50.33 with stops on a daily close below $48.75 and with an upside target range of $61 - $63.