Currently: Cash Looking to: Buy @ $40.06
As of 11/20/20 close: $42.42
LAST WEEK: We suggested buying crude at $40 with stops on a close below $39 and with a target of $45.
UPDATE: Crude oil futures continue to be a very difficult trade for either side of the fight. One look at the chart shows the potential for crude to explode higher from here. A different look at the chart tells us that crude should first drop to $40 (from $42.42 Friday) and then explode higher. Either way, crude surprisingly (given all the talk of more shutdowns / restrictions) appears fairly bullish right now.
We would look to short crude oil at $42.68 with stops honored on a close above that level and would look to cover shorts and get long at $40.15. Stops on longs should be honored on a close below $39.75 and the upside target will be $43.57.