Currently: Short Looking to: Cover @ $51.00
As of 5/13/19 at 12:20am EST: $61.67
LAST WEEK: We suggested covering shorts down at $51. However, we noted to be monitoring the trading action around the $59.59 - $60.11 range for signs of an upside reversal.
UPDATE: Crude oil futures have managed to hold support at the $59.59 - $60.11 range thus far. However, there has not been a convincing sign of an upside reversal yet. We still feel like support may give way and that $51 could be approached or tested in the coming days / weeks.
Watch $63.21 - $64.08 resistance on the upside. If $64.08 is broken on the upside on an hourly close, all shorts must be covered. Ideally, however, we would still look to cover shorts and get long down at $51.