Curr: Cash Looking to: Short / cover @ $49.37
As of 1/22/21 close: $52.27
LAST WEEK: We suggested shorting crude at $52.69 with stops on a close above $52.79 and with a target for covering and getting long at $49.37. Stops on longs were to be honored on a close below $49 and the target was to be $64.
UPDATE: Crude oil still looks to us like it is rolling over short-term. We are maintaining our bearish posture unless $53.83 is conquered in the short-term. We would look to sell longs / get short immediately with stops honored on a close above $53.83 and with a target for covering shorts at $49.37. We would wait to get long until $46.78 with a target of $64.