Currently: Cash Looking to: Short here
As of 1/8/21 close: $52.24
LAST WEEK: We suggested selling longs / getting short at $51.88 with stops on shorts on a close above $52.10 and with a target for covering at $46.
UPDATE: Crude oil modestly eclipsed our projected upside target / stop-loss trigger of $52.10 last week after an impressive upside push. We are bullish of crude in the intermediate to longer-term. However, we do feel there will be a pullback / retracement in the shor-term. Look to sell longs / get short of crude oil with stops honored on a close above $53 and with a target for covering and getting long again at $46.50.