Currently: Short Looking to: Cover @ $37.59
As of 10/18/19 close: $53.87
LAST WEEK: We suggested shorting immediately at last weeks prices with stops above $55.70 and with a target of $50.89.
UPDATE: Crude oil futures are shown on a weekly chart here. This does not paint a pretty picture for the bulls. It looks like crude may be in the early stages of the c wave of a macro abc downside move and thats the more bullish of the possible long-term scenarios. Based on different pivot points, the downside targets are either $37.59 or $29.46.
We would sell bounces in the short-term (to as close to $55 as possible) with stops on a weekly close above $55.25 and with a downside target of $37.59 for covering.