Near Term Trend: Positive
Friday’s Close: $49.46 (- $ .18 cents)
UPDATE: Seven weeks ago we recommended going long if prices in the June contract approached $40.00”. Subsequently the very next day following those comments, Crude dropped to $38.97. Based on that alone, traders should have gone long and enjoying a profit of nearly $10.00 as this past week concluded.
Four weeks ago we set an upside objective of $53.00. Same theme applies.
Keep in mind, this is a large profitable trade. Based on one single contract, this trade is up roughly $10,000. Keep a trailing stop to protect at least 70% of that profit.