Near Term Trend: Neutral to Positive
Friday’s Close: $54.33 (+ .87 cents)
UPDATE: NO CHANGE: During the last eleven weeks this market has remained overall bullish, but the double top at the $57.00 region stalled any further advancements, and since that time Oil has dipped on three major occasions to the key support level of $52.50.
Those two points are pivotal to the overall direction of this market during the next several months.
A breakout above $57.00 should allow for a move toward $62.00 or higher. Below $52.00, and a downside objective near $47.50 is possible.
NOTE: The contract has not settled (closed) below $52.50 as it continues to hold.