Near Term Trend: Positive
Friday’s Close: $48.85 (- $ .67 cents)
UPDATE: Ten 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.
Seven weeks ago we set an upside objective of $53.00. The market traded up to $51.84 ($1.16 of our objective).
Two weeks ago we recommended keeping a trailing stop at $47.98 (ensured a profit of roughly $9,000). As of this week, we were stopped out and booked a large profit.
I think Crude remains bid.