Currently: Cash Looking to: Buy @ $50.61
As of 2/13/20 as of 6:45pm EST: $51.44
LAST WEEK: We suggested selling longs at $52.51 and shorting near $53.38 with stops on a close above
$53.50 and with a target of $47.
UPDATE: Crude oil has been bouncing off the recent lows near $49.31 and could continue to bounce until
projected Fibonacci retracement resistance comes into play at $52.99 - 53.17 (and may, in an extended bounce,
rally all the way up to $57.48).
In the very short-term, we would look to buy dips in crude to $50.61 with stops honored on a close below
$50.48 and with an upside target of $52.99.
We are not willing to set a solid target for shorting crude at this point. Resistance comes into play up starting at $53.17. We will have to wait to see what the trading action and pattern looks like leading up to a test of those levels before re-shorting.