Currently: Short Looking to: Cover @ 41
As of 12/8/19 at 10:06pm EST: $58.91
LAST WEEK: We suggested selling longs and getting short at $56.87 with stops on a daily close above $57.83 with a $42.36 target.
UPDATE: Crude oil nearly closed the week out above key Fibonacci retracement resistance at $59.20 but it didnt. The fact that the breakout attempt failed on Friday gives the bears a little hope.
We would simply respect the trading action in this instance. If crude can close the week out above $59.21, we would try to cover shorts and get long on the next dip to $57.70. Stops on longs must be honored on a close below $56.72 and the upside target will be $63.
If the weekly resistance continues to hold at $59.20, get and stay short unless and until either $59.20 is violated on the upside on a weekly close or until $41 is tested.