Near Term Trend: Negative
Fridays Close: $43.03 (- $ .88 cents)
UPDATE: Weeks ago we had alerted our readers of formidable resistance at $49.90 should cap any further advance, and profit taking (selling) should be apparent. Subsequently, the price of Crude sold off from our resistance point down to $42.70 this past week.
For the last three weeks we alerted our readers Crude would trade in a $5.00-7.00 range, and that is exactly the way it played out, however the weakness on Friday is threatening to break the price of Crude to a much weaker level than we anticipated. A close below $42.88 is pivotal.