July crude oil:
1. Watch for any further test/attempt at/near $103.10 (on the downside) in July crude oil into Thursday, May 29 (+/-1 day). Any such test is important and may prompt new long entry. Will update as the market continues to confirm.
1. Today’s (Wed., May 20) Williams edge update (and live meeting) indicated the likelihood of further decline in July crude from the then current price of approx. $103.85 down to to $103.10, or lower.
2. Today’s July crude completed the $103.10 downside target, making a session low of $102.64 before recovering into the close. This is an important early indication. No new entry is being taken at this time. Will update.