June crude oil,
1. June crude oil remains inside the forecast longer-term advance expected into May 2014.
2. While a substantial continued advance remains indicated overall, a test/attempt at $103.00 (or lower) is expected in June crude prior to any substantial continuation move on the upside.
3. Therefore, any test/attempt of and daily close above $103.00 from now into Monday, April 21 (+/-1 day) will indicate new long entry for a tradable multi-day (or longer) advance.
4. Should a substantial upside breakout occur without any test of $103.00 noted above, new instructions will be given at that time.
5. Will message any upside price targets etc. once new long entry is confirmed as noted above.
1. Today’s May crude declined sharply and completed our April 16 forecast for a decline from (approx.) $104.50 to at/near $103.00 (or lower) into Monday, April 21 (+/-1 day). Today’s (Tuesday, April 22) session low has been $102.58, so far.
2. While our longer-term Outlook remains bullish on crude, no new long entry is indicated until the current decline has run its course. Will update as the market confirms.