Currently: Cash Looking to: Buy here / tgt 43
As of 5/29/20 close: $35.49
LAST WEEK: We suggested buying at $28.59 ahead of a test of $36.02. We suggested shorting at $36.02 with stops on a close above $37 and with a target of $27.
UPDATE: Crude oil has stalled out at around $35 this week and is struggling to set a new, higher floor. The daily chart here tells us that crude may be in a short-term fifth wave higher with a target (based on wave 5 roughly matching wave 1 in magnitude) of $42.94.
We would look to get long of crude here with stops on a 4-hr close below $33.55 and with a target of $42.75. We would look to get short of crude at $42.94 with stops above $43.25 and with a target for covering at $31.