Near Term Trend: Positive
Friday’s Close: $43.76 (+ $ .52)
UPDATE: Slightly over three weeks ago we predicted the price of Crude had gotten ahead of itself, and that a dip in price was forthcoming, and if that were to be the case it could present a buying opportunity.
Sure enough, prices fell nearly $3.00 to drop the price to the $36.50 region, but we did not go long.
Prior to this past week, we followed with, “I would be inclined to go long if prices in the June contract approached $40.00.
Subsequently the very next day (last Monday), Crude dropped to $38.97. Based on that traders should have gone long and enjoying a profit of over $4.00 as the week concluded.
Caution: Channel resistance at $44.55 is in play and being tested.