Currently: Long Looking to: Sell @ $75
As of 5/24/19 close: $59.00
LAST WEEK: We suggested covering shorts and getting long at $57.43 with stops below $57 and with a target of $75.
UPDATE: Bearish inventory data and a decreased appetitie for risk assets forced crude from $64 to $57.43 in a hurry.
We are monitoring the trading action around last weeks projected support of $57.43. But, based on recent trading, we are lowering projected support to $56.54. Above that and the bulls can stage a rally. Below it and $49 - $51 becomes the new target range.
We would be covering shorts / getting long at $56.54 with stops on longs on any daily close below $56.50 with an upside target of $75.