Issued: 04/16/2014
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.
David Williams
Issued: 04/22/2014
May/June crude:
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.
David Williams