1st target reached.
Close half position size, move stops to breakeven.
A break below $46.95 would indicate to me momentum to the downside and am looking to add to my position by Selling 2 additional contracts @ $46.90. The target is $44.00 with a Stop Loss at $49.50. Technically a break threw $47.40 points to $43. 95 as the next major support level.
Fundamentally this trade makes sense as well. We still have a major glut in the market, we still have anemic economic growth; and the market is currently buying speculation and will sell the FACT that neither Russia or O.P.E.C has the intent to commit to a production freeze. Even if a commitment was to appear; history tells us that both parties have difficulties honoring their commitment.
The key to this Trade is The BUCK!!. U.S. Dollar strength = commodity price weakness.
Hope this helps.