Near Term Trend: Neutral
Friday’s Close: $47.49 (+ $1.77)
UPDATE: If you were short from the $49.00 region and followed our recommendation (when the December contract was trading near $42.70) to keep profit stops just above $44.90, you booked a great profit and now that advice is looking really good considering the market jumped up to $47.87 this past week.
In conjunction with the contract rallying over $1.80 in one day (this past Friday) the contract traded above the neckline of the Inverted Head & Shoulder pattern. Based on that alone this current move could extend toward the $50.00 region.