Near Term Trend: Neutral
Friday’s Close: $47.23 (+ $ .14 cents)
UPDATE: Currently the October contract is hovering around our proprietary uptrend line dating back to January of this year.
Last week we stated, “A settlement below $46.45 would constitute a breach of support and potentially send the price of Crude down to $42.80”.
Subsequently, there were two trading sessions last week whereby a settlement slightly below $46.45 (only $38 cents) was posted. Thus far that has proved to be not enough to spook traders into selling or pressuring the market further.
That being said, prices remain extremely vulnerable.