Near Term Trend: Negative
Friday’s Close: $45.07 (- $ 1.93)
UPDATE: Weeks ago we had alerted our readers of formidable resistance at $51.00 (December contract adjusted) 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 $41.60.
For the last four 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 $43.85 is pivotal.