Currently: Long Looking to: Sell @ $38
As of 3/20/20 close: $23.66
LAST WEEK: We suggested buying crude at $30.87 with stops on a weekly close below $29.37 and with a target of $38.57 for selling / getting short.
UPDATE: We have to watch the monthly close coming up for either a hold or break of key LT support at $29.37 and/or $26.05. If the former is broken, it just means that its going to take a while longer for this bear phase to run its course. If the latter is broken, we have to look for prices in mid to lower teens. On the other hand, if support at $29.37 is re-captured, we could see a massive upside move play out -with targets in the $60s - $70s. Right now, with the shuttering of economic activity due to the virus, that seems very unlikely. Even in the bear case, though, we could see a bounce to $38. We would buy at current levels with stops below $20 and with a target of $38.