Near Term Trend: Positive
Friday’s Close: $52.37 (- .48 cents)
UPDATE: This contract has been a broad consolidation of roughly a $5.00 range for the last six weeks. Testing both ends of the range, and to the downside just four days ago.
The current capitulation may be a temporary holding pattern for a continued move higher based on the fact price action entered the consolidation from below.
Equally significant; this pattern might be that of a near term top.
Hard to day at this juncture whether the market posts a close above $54.65 on an upside breakout, or a settlement below $50.60 is posted, confirming a near term top has formed.
Currently, traders have been buying dips.