Near Term Trend: Positive
Friday’s Close: $50.85 (+ $ .22 cents)
UPDATE: Four weeks ago when Crude was trading $46.20, we stated, “The December contract never traded below $44.30 as the Bulls have maintained control. At this juncture, on a near term basis it’s looking a bit overbought, but could test $52.00”. Two weeks ago the December contract traded up to $52.13.
Now that our near term objective was met, the question became - will the market retrace to any degree of depth? It should if a close below $49.70 is posted.