Near Term Trend: Negative
Fridayâ€™s Close: $48.51 (+ .24 cents)
UPDATE: We rolled to the June contract.
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 April contract traded as low as $46.95 this past week.
Based on the current contract (June running at an .80 premium to April) it is struggling below the one- year up-trend line.