Crude finally broke out of its trading range and moved above $50 for first time since February 2020.
It remains the question how much higher Crude will trade, and we prefer not to be long at this moment.
As you can see on the chart the bounce gets cancelled again below 50.38.
That would be the level that we will go short.
We could be a little early and therefore suggest keeping a tight buy stop at 51.35.
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Crude Oil Jan 7 2021