Near Term Trend: Positive
Friday’s Close: $47.75 (- $ .48 cents)
UPDATE: Six 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 $7.74 as this past week concluded (although last week’s profit was slightly higher at one point as the June contract rallied to $49.04).
Three weeks ago we set an upside objective of $53.00. Same theme applies.