Scott Nations Wants To Sell Crude Oil

On CNBC's Futures Now, Scott Nations shared with the viewers his bearish trading idea in the May crude oil futures contract.

He is bearish because the price action in the first half of the session was horrible. He also thinks that crude oil is overbought, with the relative strength index at 64. In the long term, Nations is bullish on crude oil, but in the short term, he sees a lot of bearish technical signs.

Nations wants to sell the May crude oil contract at $53. He wants to place a stop loss at $53.75 and his profit taking target is at $51.50.