05/07/2014 – Crude Oil

Issued: 05/05/2014

June crude:

1. June crude has closed daily above the important $98.92 downside level (noted in previous updates) for the past 3 sessions. This is an important early sign for a reversal to the upside.

2. Continued daily closes above $98.92 indicates a test/attempt of $100 (or higher) into late this week.

3. Aggressive can place a buy limit/new long position at/near $98.74-$68 in June crude.

4. Should the above buy limit be triggered, a protective sell stop should be placed at $98.50. This stop will be moved higher as the market continues to confirm.

5. Should the above buy limit remain untouched, an alternate long entry will be messaged in a subsequent update.

David Williams

Issued: 05/06/2014

June crude:

1. Our previous update (yesterday, Monday, May 5) attempted new long positions in June crude for the forecast advance to $100.00 which has already been completed in today’s session.

2. Today’s quick completion of the $100 upside target indicates the likelihood of further advance and test/attempt at $100.88 (or higher) into tomorrow, Wed. May 7 (+/-1 day).

3. Aggressive can go long at the market (current price $100.28).

4. Initial protective sell stop should be placed at $99.85. This stop will be moved higher as the market continues to confirm.

David Williams

Issued: 05/06/2014

June crude oil:

1. Our earlier noted aggressive long position at $100.28 in June crude was stopped out today at $99.85 resulting in a loss on the position. This is unusual market behavior given the set of conditions which prompted new entry.

2. Should the market recover from today’s decline in tomorrow’s (May 7) session, further long entry may occur with the original $100.88 as initial upside target. Will update.

David Williams

Issued: 05/07/2014

June crude oil:

1. Today’s June crude oil jumped back above the recent $100 upside target (forecast in our May 5 crude oil update) and remains on track to complete the $100.88 upside target, noted in our May 6 forecast.

2. Although June crude oil showed tricky behavior in yesterday’s (Tuesday, May 6) session, higher prices remain likely. Will update.

David Williams

Issued: 05/08/2014

June crude oil:

1. Our previous update indicated that with June crude oil back above $100 the original May 6 forecast for an advance and test of $100.88 into May 7 (+/-1 day) was on track to be completed.

2. Yesterday’s (Wed., May 7) session advanced powerfully and completed the $100.88 upside target (yesterday’s session high, $100.99). This was the intended final upside target of our recent long entry attempt in June crude and completes the forecast/trade. Will update.

David Williams