Currently: Short Looking to: Cover @ $50.60
As of 9/27/19 close: $56.17
LAST WEEK: We suggested shorting bounces to $59.48 with stops on a close above $60.81 and with a target of $45.55.
UPDATE: Crude oil futures tumbled last week on a change in the perception of where things are going with Iran.
Technically, the bearish reversal candle from two weeks ago looms large and has emboldened the crude bears. As long as $58.09 holds as resistance on a daily closing basis, crude oil should head lower. We are calling for a drop to at least $50.60 and possibly down to $44.21.
We would be selling / shorting crude near $58.09 with stops honored on a daily close above $58.50 and with a downside target of $50.60 (for now).