Near Term Trend: Positive
Friday’s Close: $48.96 (- $ 1.62)
UPDATE: Eight 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.
Five weeks ago we set an upside objective of $53.00. As of this past Wednesday the market traded up to $51.84 ($1.16 of our objective).
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 at $47.98.
That ensures a profit of roughly $9,000.