Today oil gave up all its gains from yesterday, which is a key signal that more pain is coming (albeit short term). I see two sets of divergence points after today (one longer term and the other short). All signs are here for a clean short swing in oil . I will be starting a short position tomorrow (unless of a massive drop overnight), and will set my first target at the 48-ish area and a stop a little over the 52 mark. I will update tomorrow evening. GL!
Comment: So I started my short position at the 50.60-ish mark today. A lot of choppiness with oil and I wasn't too sure who was playing who. Maybe the massive DDoS attack today was too blame. Target remains the same as the OP, and I have set a stop-loss at the 52.15 mark, although I may tweak it depending on Monday's action.
Comment: Bittersweet day for both sides. Trading plan still remains the same although I will reevaluate the stop-loss after tonight's action. today's daily candle isn't the most inspiring for shorts to be honest but the bearish indicators are still very much obvious.
Comment: Nice comeback for the bears today. Tomorrow's inventory will be interesting to say the least. 49.17 level is key for both sides. GL
Trade closed: stop reached: I ended up getting stopped out this morning @ 49.90 after the inventory report. Unfortunate but I'll take the gains and reevaluate later.