Currently: Cash Looking to: Short @ $31.30
As of 5/15/20 close: $29.71
LAST WEEK: We suggested shorting at $25.73 with stops above $26.50 and with a target for covering at $18.23.
UPDATE: Crude oil continues its upside march – blowing through bearish “correction resistance” levels in the process. In our look at the chart this week, we’re focusing on the retracement levels / projections of the peak to trough move that seemingly terminated with the move to negative prices in April. We have identified three possible ceilings at $31.30, $35.55 and $41.30. Based on the pattern off the lows, we believe $31.30 will be a temporary stopping point and that a dip to either $26.23 or $23.16. We would look to sell longs / get short at $31.30 and would look to cover down at $26.23. We would look to get long on an extended move to $23.16 with stops below $22.75 and with a target of $31.
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