Near Term Trend: Negative
Fridayâ€™s Close: $48.78 (+ .08 cents)
UPDATE: Five weeks ago we stated, â€śA close below $52.00 could produce a downside objective near $43.50â€ť.
That was a bold statement to call a measured move of $9.00 (nearly 20%) lower.
That being said, once $52.00 was violated the price of the current contract traded as low as $47.05 this past week.