Currently: Short Looking to: Cover @ $30.90
As of 9/11/20 close: $37.35
LAST WEEK: We suggested shorting bounces in crude to $41.825 with stops on a close above $42.15 and with a covering target of $36. Long entry tgt was $31.325.
UPDATE: Crude oil futures have finally seen some serious selling pressure enter their marketplace.They never made it above projected resistance at $43 - $44 and are now working their way towards our projected targets which we now put at $35.82, $30.90 or even as low as $22.95.
We would look to sell / short crude oil on bounces to $37.55 with stops honored on a daily close above $37.76 and would look to cover down at $30.90. No new longs in crude for now.