The market is bullish Crude since it broke out above 65.00.
While we saw a few attempts before it did finally broke.
This morning Crude is trading at 65.70 which was our next upside target.
Crude gives a next upside target of 67.30 but it is now trading near its projected high.
We have not been long Crude but tried a few times to short it.
The reason is that its overdue a correction and we still have a lower target of around 61 that has not been tested yet.
Enough reason to stay cautious.
We suggested this morning to short Crude again below 64.90 with a buy stop at 65.70.
Since that signal went out Crude tested 65.70 and that becomes the resistance for any short position.
Nat Gas (JUN) not shown as a chart is also near a projected high and here, we want to go short below 2.86 with a tight buy stop at 2.94.
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Crude Oil May 4 2021