Currently: Long Looking to: Sell @ $55
As of 6/10/19 at 1:05am EST: $54.32
LAST WEEK: We suggested getting long for a trade at $51.19 with stops on a close below $50.90 and with a target of $54.44. We suggested shorting at $54.44 with stops on a close above $54.75 and with a target of $51.19.
UPDATE: Crude futures confirmed their breakdown last week and moved a little below $51 before staging the current bounce attempt. We arent expecting this to be anything but a bounce no long-term rallies at this point. We would be taking profits on longs at $55 and would be looking to short up at $56.59 with stops on a close above $57.10. We would look to cover those shorts down at $50. No new longs until we see the next downside move play out. Ideally, new longs can be attempted down at $48.58 with stops below $48 and with an upside target of $54.