Currently: Cash Looking to: Short @ 61.43
As of 9/16/19 @ 12:02am EST: $59.50
LAST WEEK: We suggested buying dips to $54.70 with stops below $52.75 and with a target of $61.31.
UPDATE: Crude gave the bulls another chance to buy late last week as prices dipped down to the $54.70 entry point posted here in last week’s report.
Early Monday, crude has exploded higher due to the tensions surrounding Saudi oil facilities and the corresponding drop in output from those facilities. Crude opened up over 10% and triggered sales of long positions at $61.31 as noted in recent reports. Now that those have been closed out, we would look to short a test of $61.43 with stops above $62 and with a target of $46.
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