Currently: Long Looking to: Sell @ $40.59
As of 6/19/20 close: $39.45
LAST WEEK: We suggested buying at $36.23 with stops on a close below that level and with a target of $41.77. We suggested shorts at $43.40 with stops honored on a close above $44 and with a target of $11 in the coming months.
UPDATE: Crude oil pulled back sharply Friday after testing the first of three possible (adjusted) ceilings at $40.59 earlier in the day. The other two possible ceilings come in at $43.66 and $45.13. As long as the initial resistance holds, we would look for a pullback to $32.81 - $34.81.
We would look to sell / short crude near $40.59 with stops honored on a close above that level and with a target for covering down at $34.81. We would look to get long of crude at $32.81 with stops honored on a close below $30.72 with a target of $40.